The central priority of economic policy – and therefore of the Federal Ministry of Economics and Technology – is to lay the foundations for economic prosperity in Germany and to ensure that this prosperity is spread broadly throughout the population. This overarching priority gives rise to specific objectives that serve as guideposts for the formulation of economic policy.
These objectives include:
- Developing opportunities to ensure sustained economic growth and competitiveness with other economies
- Ensuring a high level of employment
- Strengthening small and medium-sized enterprises (SME)
- Promoting new technologies and innovation to maintain economic competitiveness
- Linking economic and ecological goals
- Expanding the worldwide division of labor and a free system of world trade
- Ensuring a secure energy supply at appropriate prices
Given these priorities and objectives, the essential task of the Federal Ministry of Economics and Technology is to shape the conditions that foster successful economic activity on the basis of personal and entrepreneurial freedom, competition and stability. The Ministry’s legislative, administrative and coordinating functions in areas such as competition policy, regional policy, SME policy, energy policy, and external economic policy are geared to this task.
Germany’s overall economic policy is grounded in the principles of the social market economy, and this approach has proven to be effective, particularly during difficult phases of economic cycles. It is especially important for a forward-looking economic policy to ensure sustained conditions for greater employment in Germany.