The Eurosystem has done enough; time for politicians to choose

Jens Weidmann

Walter Eucken is regarded as the founding father of German ordoliberalism, developed by the Freiburg school of economists. The core element of ordoliberalism is competition – not classical, unrestrained competition but protected, ordered competition. The ordoliberals’ objective was always to provide a stable framework for competition, not to actively manage it.

This idea was taken up and modified by the proponents of the social market economy. They identified a need for government economic

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