Renewed efforts to raise productivity – also in the services sector – can reduce inflationary pressures, raise real income and strengthen the resilience of our economies to the global shocks in the financial system and commodity prices which we are experiencing. 5.
Concluding remarks  Ludwig Erhard was prized for his courageous policies, which were based on the principles of free competition, flexible prices and open markets. On many occasions he stressed the importance of price stability.