The economic situation of Germany after World War Two was, similarly to the majority of the European countries, very hard. As a result of military actions the German industry, agriculture, and infrastructure suffered severe damage, whereas the situation on the money market was disastrous. Germany was threatened with a serious economic and financial crisis. The currency reform, introduced by the allied countries in June 1948, marked a new stage in the economic development of Germany. It was a preliminary step to the economic reform, which enabled better utilization of the potential of the German economy. The reform was closely related to the aid extended to Germany within the framework of the European Recovery Program (Marshall Plan). Under the Program, Germany received commodities of the total value of USD 1,413 mn. These consisted mainly in raw materials (52%) and food (46%); industrial fittings constituted a minor part of the deliveries. Funds from the sale of the goods served to finance investments in the commodity and energy industries, as well as in the infrastructure and housing construction. The distribution of the funds was decided upon jointly with the Economic Cooperation Administration - the Program management authority. The aid under the Marshall Plan enabled Germany to import the required commodities and goods from the dollar zone, contributed to fast recovery of the economy, and became an important component of the German "economic miracle".