The CDU politician Ludwig Erhard not only played an important role in the implementation of these principles in the course of the monetary and economic reform of 1948. As the first economics minister of the Federal Republic of Germany, he defended the market economy with vehemence and determination for many years: as federal minister he was 80 Percent of his strength was used to fight mischief. Despite great skepticism and resistance, success proved him right. An economic miracle unfolded that stood in stark contrast to the economic instability of Germany in the interwar period and the shortage-stricken East Germany.
Also read the guest article by Jens Spahn: The fourth economic transition must first and foremost be a growth transition
The backbone of the impressive prosperity gains was the hard German mark, which continued to appreciate against other currencies. This forced German companies to continually increase efficiency and develop good products. There was talk of a productivity whip that drove Germany into the growth locomotive of all of Western Europe. The large productivity gains formed the economic basis for constant wage increases, the expansion of the welfare state and financial support for partner countries in the European integration process.