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70 years after the German currency and economic reform: The monetary, economic and political order in Europe is disturbed

Gunther Schnabl ()

No 156, Working Papers from University of Leipzig, Faculty of Economics and Management Science

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.

Keywords: currency and economic reform; economic order; Ludwig Erhard; Walter Eucken; European integration; democracy; inequality; social market economy (search for similar items in EconPapers)
JEL-codes: B20 E14 B25 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his
Date: 2018
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