Conclusion  Ladies and gentlemen, the challenge the German economy faces by the financial crisis is well known: adjusting to an external environment characterised by flatter, but hopefully healthier, expansion, and fiscal consolidation. The success Germany had in economic adjustment prior to the financial crisis is a particular example of how unfavourable economic conditions can also contain the seeds of positive change.
Certainly subsequent developments of welfare economics have made us more sensitive to externalities and to market failures than he ever was. However, he also was well aware of the importance of the legal framework and a proper regulation for the markets’ well functioning. He deeply believed in equality of opportunities, and accepted a degree of income redistribution.