Ludwig Erhard’s legacy in shaping Germany’s post-war recovery stretches far beyond his own country and far beyond his own times. His conception of the social market economy was visionary.
And he even held cherished views about central bankers, stressing the importance of price stability: “Die soziale Marktwirtschaft ist ohne eine konsequente Politik der Preisstabilität nicht denkbar.” I think we cannot formulate this idea any better today. Ludwig Erhard also helped to enshrine the principle of central bank independence.