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On October 20, the IMF Executive Board concluded the 1999 Article IV consultation discussions with Germany. Germany is participating in the pilot project for release of staff reports, one of a number of current initiatives to increase the transparency of the IMF’s operations. This article describes the economic background and key policy issues raised in the report, which was released on November 3. The full text of the staff report, as well as a set of background papers on selected issues, is available on the IMF’s website (www.imf.org).