What were the important components of Germany’s Economic Miracle? According to Wikipedia, “The Wirtschaftswunder (“economic miracle“), also known as the Miracle on the Rhine, was the rapid reconstruction and development of the economies of West Germany and Austria after World War II.” There were tw0 important components, currency reform and the elimination of price controls. According to Springer, “A currency reform is a prearranged redenomination or alteration of the currency, sometimes with confiscatory elements.” According to the Dictionary, “a government regulation establishing a maximum price to be charged for specified goods and services, especially during periods of war or inflation.”