Not only Germany but the whole of Europe is indebted to Ludwig Erhard for his courageous policies based on the principles of free competition, flexible prices and open markets, and above all for his ideas on the concept of the social market economy. 1 He also stressed the importance of price stability, which he considered to be a basic human right.]
We are today – thanks to the work of Ludwig Erhard – confronted with exciting challenges and a unique historical development. The creation of the euro area is an exceptional endeavour, now comprising 13 countries, with the entry of Slovenia, and 318 million people.