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Robert Mundell, Nobel laureate who inspired the euro, dies at 88

Baku, April 6, AZERTAC

Robert Mundell, the Nobel Prize-winner and supply-side economist who was considered the intellectual father of the euro, has died, according to Bloomberg.

His death was confirmed by Sophia Johnson, assistant director of the program for economic research at Columbia University, where Mundell was professor emeritus.

A Columbia University professor of economics, Mundell won the Nobel Prize in economics in 1999 for his theory that flexible markets, including the free movement of labor and capital, are necessary for a single-currency zone to succeed. His research helped lay the foundation for the euro, set up by 11 European governments earlier that year.

Mundell advised the United Nations, the International Monetary Fund and the World Bank, and was also a consultant to governments in the U.S., Canada, Latin America and China.

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