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On this day, the state treaty on the creation of a monetary, economic, and. The treaty establishing a monetary, economic and social union between the german democratic republic and the federal republic of germany (german: On 18 may 1990, at the signing of the treaty establishing an economic, monetary and social union between the federal republic of germany (frg) and the german democratic republic.
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In order to regulate the conversion from a planned to a market economy, the governments of the gdr and the frg negotiated a treaty on the creation of a monetary,. Starting on 1 july 1990 the contracting parties shall constitute a monetary union comprising a unified currency area and with the deutsche mark as the common currency. On 18 may 1990, the federal republic of germany (frg) and the german democratic republic (gdr) sign in bonn the treaty establishing a monetary, economic and social union.
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On 6 february 1990, the then federal chancellor helmut kohl announced that a monetary union would be offered to the gdr.
The basis for this was the state treaty on monetary, economic and social union, which was signed by the finance ministers of both german states on 18 may 1990. On 18 may, theo waigel, the then finance. From 1 july 1990 the deutschmark. When the monetary, economic, and social union finally took effect on july 1, 1990, wages, salaries, rents, pensions, and other ongoing payments, as well as savings accounts.
On 18 may, east and west germany signed a treaty on monetary, economic and social union including important provisions on labour and social law. The state treaty between the frg and the gdr on the creation of a monetary, economic, and social union (may 18, 1990) in order to regulate the conversion from a planned to a market.
