Introduced by German liberal MEP Michael Theurer, he took the audience back to the liberal origins of what is commonly known today as the “social market economy”. He reminded the audience that the creators of what is called “Ordnungspolitik” (Constitutio in Libertate) defined the following cornerstones as the essential elements of a sound economic policy: private property, freedom of contract, liability, open markets, a stable currency and last but not least a predictable and stable economic policy.

In times where everybody embraces the diffuse term of a social market economy, it is the important role of Liberals in Europe to remind the people that the concept of a free market economy in itself is a social one if properly understood and applied. Looking at the current challenges of European budget deficits, the lack of liability in the past financial crisis as well as the yet to be completed internal market in Europe, it remains at the core of the liberal business to define and adapt the concept of a market economy to the challenges of the 21st century, concluded MEP Michael Theurer.

The full presentation of “Free or social market economy – which model for Europe?” can be downloaded here.