Abstract
European economic growth in the quarter of a century that ended in 1973 outstripped growth in any period of comparable length before or since. The elements of Europe's growth miracle - wage moderation, high investment and rapid export growth - were delivered by a taylor-made set of domestic and international arrangements - on the domestic side the social market economy, on the external side international agreements and institutions including the European Payments Union and the European Coal and Steel Community - that solved problems of commitment and cooperation that would have otherwise hindered the resumption of growth.
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