Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/187925
Authors: 
Schnabl, Gunther
Year of Publication: 
2018
Series/Report no.: 
Working Paper, Universität Leipzig, Faculty of Economics and Management Science 156
Abstract: 
The currency reform on 20 June 1948, together with a comprehensive liberalisation of prices and the implementation of monopoly control, formed the basis for the West German economic miracle. From then on, the market principles formulated by Walter Eucken und implemented by Ludwig Erhard became the economic backbone of the European integration process. 70 years later, little remains of the basic principles of the German social market economy. An increasingly expansive monetary policy of the European Central Bank undermines market principles, growth and social cohesion in Europe, thereby eroding political stability. To ensure Europe's economic, political and social stability, a return to a stable currency and a marketoriented order is needed.
Subjects: 
currency and economic reform
economic order
Ludwig Erhard
Walter Eucken
European integration
democracy
inequality
social market economy
JEL: 
B20
E14
B25
Document Type: 
Working Paper
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