<DOCUMENT>
<TYPE>EX-99.R.1
<SEQUENCE>17
<FILENAME>y93068a1exv99wrw1.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<PAGE>

                                                               EXHIBIT (2)(r)(1)

                             THE GERMANY FUND, INC.
                           THE NEW GERMANY FUND, INC.
                     THE CENTRAL EUROPEAN EQUITY FUND, INC.

                    As amended and restated on July 10, 2000

                                 Code of Ethics


1.       Purposes

                  This Code of Ethics has been adopted by the Board of Directors
of each Fund in accordance with Rule 17j-1(b) under the U.S. Investment Company
Act of 1940 (the "Act"). Rule 17j-1 under the Act generally proscribes
fraudulent or manipulative practices with respect to purchases or sales of
securities held or to be acquired by investment companies, if effected by
associated persons of such companies. The purposes of this Code of Ethics is to
provide, for Access Persons who are not subject to the codes of ethics of
Deutsche Bank Securities Inc. or Deutsche Asset Management International GmbH
(the Funds' Manager and Investment Adviser, respectively; collectively referred
to as the "Advisers"), regulations and procedures consistent with the Act and
Rule 17j-1 designed to give effect to the general prohibitions set forth in Rule
17j-1 as follows:

                  (a)      It is unlawful for any affiliated person of or
         principal underwriter for a Fund, or any affiliated person of an
         investment adviser of or principal underwriter for a Fund, in
         connection with the
<PAGE>



         purchase or sale, directly or indirectly, by the person of a Security
         Held or to be Acquired by the Fund:

                           (1)      To employ any device, scheme or artifice to
                  defraud the Fund;

                           (2)      To make any untrue statement of a material
                  fact to the Fund or omit to state a material fact necessary in
                  order to make the statements made to the Fund, in light of the
                  circumstances under which they are made, not misleading;

                           (3)      To engage in any act, practice, or course of
                  business that operates or would operate as a fraud or deceit
                  on the Fund; or

                           (4)      To engage in any manipulative practice with
                  respect to the Fund.

2.       Definitions

                  (a)      "Access Person" means (i) any director, officer or
         Advisory Person of the Fund; and (ii) any director, officer or general
         partner of a principal underwriter who, in the ordinary course of
         business, makes, participates in or obtains information regarding, the
         purchase or sale of Covered Securities by the Fund for which the
         principal underwriter acts, or whose functions or duties in the
         ordinary course of business relate to the making of any recommendation
         to the Fund regarding the purchase or sale of Covered Securities.

                  (b)      "Advisers" mean Deutsche Bank Securities Inc. and
         Deutsche Asset Management International GmbH.

                  (c)      "Adviser's Code of Ethics" means the code of ethics
         of the applicable Adviser as adopted from time to time by the Board of
         Directors of a Fund in accordance with the Act and the rules
         thereunder.

                  (d)      "Advisory Person" of the Fund means: (i) any employee
         of the Fund (or of any company in a Control Relationship with the Fund)
         who, in connection with his or her regular functions or duties, makes,
         participates in, or obtains information regarding the

                                      -2-
<PAGE>

         purchase or sale of Covered Securities by the Fund, or whose functions
         relate to the making of any recommendations with respect to the
         purchases or sales; and (ii) any natural person in a Control
         Relationship with the Fund who obtains information concerning
         recommendations made to the Fund with regard to the purchase or sale of
         Covered Securities by the Fund.

                  (e)      "Control" has the same meaning as set forth in
         Section 2(a)(9) of the Act. Under that Section, beneficial ownership of
         over 25% of the voting securities of a company constitutes Control of
         that company until such time (if ever) as the U.S. Securities and
         Exchange Commission conducts an administrative proceeding and issues an
         order to the contrary.

                  (f)      "Control Relationship" means Controlling, Controlled
         by or under common Control with.

                  (g)      "Covered Security" means a security as defined in
         Section 2(a)(36) of the Act, except that it does not include: (i)
         direct obligations of the Government of the United States; (ii)
         bankers' acceptances, bank certificates of deposit, commercial paper
         and high quality short-term debt instruments, including repurchase
         agreements; and (iii) shares issued by open-end investment companies
         registered under the Act.

                  (h)      "Fund" means, as applicable, The Germany Fund, Inc.,
         The New Germany Fund, Inc. and The Central European Equity Fund, Inc.

                  (i)      "Initial Public Offering" or "IPO" includes IPOs that
         do not involve any offer in the United States.

                  (j)      "Investment Personnel" of the Fund means: (i) any
         employee of the Fund (or of any company in a Control Relationship with
         the Fund) who, in connection with his or her regular functions or
         duties, makes or participates in making recommendations regarding the
         purchase or sale of securities by the Fund; and (ii) any natural person
         who controls the Fund and who obtains information concerning
         recommendations made to

                                      -3-
<PAGE>

         the Fund regarding the purchase or sale of securities by the Fund.

                  (k)      "Limited Offering" means an offering that is exempt
         from registration under the U.S. Securities Act of 1933 pursuant to
         Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule
         506 under the Securities Act. A Limited Offering includes a U.S.
         private placement and a Rule 144A offering.

                  (l)      "Personal Account" refers to the following types of
         accounts that hold Securities: (i) a brokerage or bank account of an
         individual subject to this Code and Statement; (ii) a brokerage or bank
         account of such an individual's spouse (other than a legally separated
         or divorced spouse); or (iii) a brokerage or bank account in which such
         individual, his/her spouse/domestic partner, minor children or other
         persons living in their home have a beneficial interest (i.e., share in
         the profits even if there is no influence on voting or disposition of
         any securities in the account); and (iv) any other account (except a
         client account) with respect to which the individual or his/her
         spouse/domestic partner has investment discretion or Control.

                  (m)      "Purchase or sale" of a security or Covered Security
         includes the writing of an option to purchase or sell a security or
         Covered Security.

                  (n)      "Security Held or to be Acquired by the Fund" means:
         (i) any Covered Security which, within the most recent 15 days, (A) is
         or has been held by the Fund or (B) is being or has been considered by
         the Fund or an Adviser for purchase by the Fund; and (ii) any option to
         purchase or sell, and any security convertible into or exchangeable
         for, a Covered Security described in the foregoing clause (i).

3.       Application

                  Certain Access Persons of the Funds are officers, directors or
Advisory Persons of an Adviser. The Advisers have their own Codes of Ethics that
have also been adopted by the Funds as to these overlapping persons pursuant to

                                      -4-
<PAGE>

Rule 17j-1 under the Act. Any Access Person who is subject to an Adviser's Code
of Ethics and who complies with such Code shall not be subject to the provisions
of this Code.

4. Prohibited Purchases and Sales

                  (a)      No Access Person shall purchase or sell, directly or
indirectly, any Covered Security in which he or she has, or by reason of such
transaction acquires, any direct or indirect ownership in a Personal Account and
which to his or her actual knowledge at the time of such purchase or sale, is a
Security Held or to be Acquired by the Fund. In addition, all Investment
Personnel of the Fund must obtain approval from the Fund before directly or
indirectly acquiring in any of their Personal Accounts securities in an Initial
Public Offering or in a Limited Offering.

                  (b)      No Access Person shall reveal to any other person
(except in the normal course of his or her duties on behalf of the Fund) any
information regarding transactions in Covered Securities by the Fund or
consideration by the Fund or an Adviser of any such transaction.

                  (c)      No Access Person shall recommend any transaction in
Covered Securities by the Fund without having disclosed his or her interest, if
any, in such

                                      -5-
<PAGE>

Covered Securities or the issuer thereof, including without limitation (i) his
or her direct or indirect ownership in a Personal Account of any securities of
such issuer, (ii) any contemplated transaction by such person in such
securities, (iii) any position with such issuer or its affiliates and (iv) any
present or proposed business relationship between such issuer or its affiliates,
on the one hand, and such person or any party in which such person has a
significant interest, on the other; provided, however, that in the event the
interest of such Access Person in such securities or issuer is not material to
his or her personal net worth and any contemplated transaction by such person in
such securities cannot reasonably be expected to have a material adverse effect
on any such transaction by the Fund or on the market for the securities
generally, such Access Person shall not be required to disclose his or her
interest in the securities or issuer thereof in connection with any such
recommendation.

5.       Exempted Transactions

                  The prohibitions of Section 4 of this Code shall not apply to:

                  (a)      Purchases or sales of Covered Securities effected in
         any account over which the Access Person has no direct or indirect
         influence or control.

                                      -6-
<PAGE>

                  (b)      Purchases or sales of Covered Securities which are
         not eligible for purchase or sale by the Fund.

                  (c)      Purchases or sales of Covered Securities which are
         non-volitional on the part of either the Access Person or the Fund.

                  (d)      Purchases of Covered Securities which are part of an
         automatic dividend reinvestment plan or automatic payroll deduction
         plan.

                  (e)      Purchases of Covered Securities effected upon the
         exercise of rights issued by an issuer pro rata to all holders of a
         class of its securities, to the extent such rights were acquired from
         such issuer, and sales of such rights so acquired.

6.       Reporting

                  (a)      Every Access Person shall report to the Fund the
         information described in Section 6(c) of this Code with respect to
         holdings and transactions (other than personal transactions in
         securities exempted under Section 5 of this Code) in any security in
         any Personal Account of the Access Person.

                  (b)      A director of the Fund who is not an "affiliated
         person" of the Fund (other than by virtue of being a director) or of
         the Advisors within the

                                      -7-
<PAGE>

         meaning of Section 2(a)(3) of the Act (i) need not make any Initial
         Holdings Report or Annual Holdings Report (as described in clause (c)
         below), (ii) is required to report particular transactions in a
         Quarterly Transaction Report (as described in clause (c) below) and is
         subject to the prohibition of Section 4(a) only if such director, at
         the time of that transaction, knew or, in the ordinary course of
         fulfilling his or her official duties as a director of the Fund, should
         have known that, during the 15-day period immediately before or after
         the director's transaction in a Covered Security, the Fund purchased or
         sold the Covered Security, or the Fund or the Adviser considered
         purchasing or selling the Covered Security, and (iii) is required to
         report the establishment of a Personal Account in a Quarterly
         Transaction Report only if it holds a security required to be reported
         pursuant to foregoing clause (ii).

                  (c)      Reports shall be made (x) no later than 10 days after
         a person becomes an Access Person ("Initial Holdings Report")(1), (y)
         no later than 10 days after the

-----------------------
(1)      Existing Access Persons on March 1, 2000 do not have to file Initial
         Holdings Report.

                                      -8-
<PAGE>

         end of a calendar quarter ("Quarterly Transaction Report") and (z)
         annually ("Annual Holdings Report"), and shall contain the following
         information:

                           (i)      in the case of the Initial Holdings Report:
                  (A) the title, number of shares and principal amount of each
                  Covered Security in each Personal Account of the Access Person
                  when the person became an Access Person; (B) the name of each
                  broker, dealer or bank with whom the Access Person maintained
                  such Personal Account as of the date the person become an
                  Access Person; and (C) the date that the report is submitted
                  by the Access Person.

                           (ii)     in the case of a Quarterly Transaction
                  Report: (A) with respect to any transaction during the quarter
                  in a Covered Security in a Personal Account of the Access
                  Person, (1) the date of the transaction, the title, the
                  interest rate and maturity date (if applicable), the number of
                  shares and the principal amount of each Covered Security
                  involved, (2) the nature of the transaction (i.e., purchase,
                  sale or any other type of acquisition or disposition), (3) the

                                      -9-
<PAGE>

                  price of the Covered Security at which the transaction was
                  effected, (4) the name of the broker, dealer or bank with or
                  through which the transaction was effected and (5) the date
                  that the report is submitted by the Access Person; and (B)
                  with respect to establishment of any Personal Account by the
                  Access Person, (1) the name of the broker, dealer or bank with
                  whom the Access Person established the account, (2) the date
                  the account was established and (3) the date that the report
                  is submitted by the Access Person.

                           (iii)    in the case of each Annual Holdings Report:
                  (A) the title, number of shares and principal amount of each
                  Covered Security in each Personal Account of the Access
                  Person; (B) the name of each broker, dealer or bank with whom
                  the Access Person maintains such Personal Account; and (C) the
                  date that the report is submitted by the Access Person.

                  (d)      Any such report may contain a statement that the
         report shall not be construed as an admission by the person making such
         report that he has any direct

                                      -10-
<PAGE>

         or indirect beneficial ownership in the security to which the report
         relates.

7.       Sanctions

                  Upon discovering a violation of this Code, the Board of
Directors of the Fund may take such actions or impose such sanctions as it deems
appropriate, including, inter alia, a letter of censure or suspension or
termination of the employment of the violator.

                                      -11-

</TEXT>
</DOCUMENT>
