What is the German Federal Ministry of Finance (BMF)? German Federal Ministry of Finance (BMF) Review

history
The Federal Ministry of Finance is one of the so-called "classical five" ministries in the German government, that is, the five major ministries that can be traced back to the Bismarck era. (The other four ministries are the Ministry of Civil Affairs, the Ministry of Foreign Affairs, the Ministry of Justice and the Ministry of War.) The Federal Ministry of Finance was originally the Ministry of Finance under the Chancellery after the unification of Germany in 1877. In 1879, it was separated to establish the Imperial Treasury (Reichsschatzamt). After World War I, the Weimar Republic, which was facing a financial crisis, reorganized the Treasury into the Ministry of Finance (Reichsministerium der Finanzen) to manage economic policy, and at the same time established the Treasury Department (Reichsschatzministerium) to manage federal government assets. The two ministries merged in 1923. Lutz von Kolossik became the Chancellor of Finance in 1932 and served in this position until the dissolution of the Nazi government in 1945. After the division of the two Germanys, the West German government re-established the Federal Ministry of Finance in 1949, which is the current Federal Ministry of Finance. In 1950, East Germany also re-established the Ministry of Finance, which was dissolved along with the East German government in 1990. In 1999, the Federal Ministry of Finance moved from Bonn to Berlin.
organize
The Ministry of Finance is divided into ten departments:
Central Department (Zentralabteilung, Z)
Fiscal policy and general economic affairs (Finanzpolitische und volkswirtschaftliche Grundsatzfragen, I)
Federal Budget (Bundeshaushalt, II)
Tariffs, excise duties, wine monopoly (Zölle; Verbrauchsteuern; Branntweinmonopol, III)
Taxation Commissioner (Steuerabteilung, IV)
Federal Financial Relations, Constitutional and Legal Matters (Föderale Finanzbeziehungen, Staatsrecht und Rechtsangelegenheiten, V)
Legal Affairs and Services (Justiziariat und Service, VI)
Financial Market Policy (Finanzmarktpolitik, VII)
Privatization, holdings and federal real estate (VIII)
European Policy (Europapolitik, E)
responsibility
The Federal Ministry of Finance has the main responsibilities for tax and budget policy (state finance) as well as European fiscal policy. It is also tasked with the regular preparation and publication of sustainability reports.
Furthermore, the Ministry is subject to legal and technical supervision by, inter alia, the following higher federal authorities:
Federal Financial Supervisory Authority Federal Financial Market Stability Authority (FMSA)
Federal Housing Authority (BIMA)
Federal Fund Trust Office Federal Central Tax Office Federal Information Technology Center (ITZ Bund)
General Administration of Customs

References

• 1. About the German Federal Ministry of Finance: German Federal Ministry of Finance