Were the financial policies of Ludwig Erhard the main reason for the German 'Economic Miracle'?

In the wake of the destruction of WWII, Germany underwent a remarkable period of economic growth known as the 'Economic Miracle': annual GDP growth averaged 6% from 1950-70, and unemployment shrunk from around 10% to 1-2%. One of the main reasons for this was the policies of Germany's first postwar government, under the CDU party, and particularly those of its first Finance Minister, Ludwig Erhard. In 1948 he enacted an important currency reform, replacing the Reichsmark, which had been suffering from wartime hyperinflation, with the new Deutschmark. Erhard also made sure to exercise restraint in government spending, with the German government running a consistently low (<2%) government deficit between 1950-60. This created monetary stability and combatted the black market, leading to an increase in consumption and investment, which set in motion a virtuous cycle of progressive growth in German production and consumption, as well as lower unemployment rates. However, other factors also contributed to the economic miracle. One of these was the outbreak of the Korean War in 1950, which created a global shortage of industrial goods - goods that Germany was ready to provide - and thus helped to overcome the international taboo around buying German goods. The importance of this factor is reflected in the fact that the value of German exports grew faster than domestic production between 1950-70, until in 1970 Germany was second only to the USA in global exports. In addition, the German economy was helped by the over 2 million immigrants who participated in the 'Guest Worker' program until the mid-1970s. Often working at lower wages than native Germans, they provided a cheap source of labour to ensure the continuity of the economic miracle, particularly in industrial jobs, allowing firms to spend more on investment and thus grow more. Nevertheless, while both these factors made an important contribution to the German economic miracle, they were dependant on the economic and monetary stability that had been put in place by Erhard's financial policies: firms could not hire guest workers or export internationally without a stable currency and a stable economic environment caused by sound government finances. Therefore Erhard's financial policies can be considered to have contributed the most to the German Economic Miracle, though without other factors it would not have been as great a phenomenon.