Ladies and Gentlemen, It is a great pleasure to speak to you today. And I am grateful for the invitation from the Wirtschaftsrat, an institution grounded on the principles of the Soziale Marktwirtschaft in the tradition of Ludwig Erhard. In a speech here in Berlin just 18 months ago, I quoted Erhard’s famous dictum: ‘Die soziale Marktwirtschaft ist ohne eine konsequente Politik der Preisstabilität nicht denkbar’. So I am happy to accept our host’s invitation to reflect on the importance of a stable euro and a strong Europe. All policy-makers can and should contribute to preserving the stability of our common ... (full story)