Mundell, who was born in Canada, was at his vacation home near the Tuscan city of Siena when he died on Sunday
Robert Mundell speaks at the Asia Financial Forum in Hong Kong on January 18, 2011. Pic/AFP
Robert Mundell, the Nobel Prize winning economist considered to be the "father of the euro", has died in Italy at the age of 88, according to media reports.
Mundell, who was born in Canada, was at his vacation home near the Tuscan city of Siena when he died on Sunday, though the news was not immediately reported, reports Xinhua news agency. Hours after the news of Mundell's death broke on Monday, it was a top news story in most major Italian media outlets.
ADVERTISEMENT
Mundell won the Nobel Memorial Prize in Economic Sciences in 1999 for what the Nobel Committee referred to as "his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas".
He is best known for laying the groundwork for the euro starting in the 1960s, publishing articles that created the foundation for the European Economic and Monetary Union, the legal and economic framework that the currency is based on.
According to a profile on Mundell by the International Monetary Fund, the economist was "a pioneer of modern international economics" who "developed the modern theory of optimal currency areas, and many observers include him among the fathers of the euro".
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
