Abstract
The German currency reform on 20 June 1948, together with a comprehensive liberalization of prices as well as monopoly control formed the basis for the post-war West German economic miracle, which became the economic backbone of the European integration process. 70 years later, little remains of the basic principles of the social market economy. An increasingly expansive monetary policy of the European Central Bank undermines competition, growth and social cohesion in Europe, which puts political stability at risk. To ensure economic, political and social stability in Europe, a return to the principles of Walter Eucken und Ludwig Erhard is necessary.
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