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What is the area you want to specialize in? I am currently in a program with a guy who just graduated from Munich and from what he told me Munich only seems to be good in micro and much worse in macro. In case micro is what you want to do, Munich does not have to be a bad option given you rank really high (top 3) and get a recommendation from say Schmidt. But you should keep in mind that by the time of applying you will not have a single grade and I am not sure that the sole fact of being enrolled in Munich will give you much of an edge over your undergrad record.
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