Germany is the most populous member state in the European Union. Germany is the second most popular migration destination in the world. Germany was a founding member of the European Union in 1993. It is part of the Schengen area and became a co-founder of the Eurozone in 1999. It is a member of the United Nations, the G8 and the G20 . Known for its rich cultural history, Germany has been continuously the home of influential artist, philosophers, sportspersons, scientists and inventors. It has a social market economy with a highly skilled labour force, a large capital stock, a low level of corruption and a high level of innovation. As a global leader in several industrial and technological sectors, it is both the world’s third largest exporter and importer of goods.