Unemployment continued to set post-war monthly records through the end of 1997 and averaged 4.3 million for the year. In preparation for the 1 January 1999 start of the European Monetary Union, the government has made major efforts in 1996-97 to reduce the fiscal deficit. In recent years business and political leaders have become increasingly concerned about Germany's decline in attractiveness as an investment target. They cite increasing preference by German companies to locate new manufacturing facilities in foreign countries, including the US, rather than in Germany, to be closer to the markets and to avoid Germany's high tax rates, high wage costs, rigid labor structures, and extensive regulations. For similar reasons foreign investment in Germany has been lagging in recent years.
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