Nobel laureate Robert Mandel has died at the age of 88, world news agencies reported. Mandel was suffering from bile cancer, according to a statement from his wife, Valerie Nazios-Mandel.
The Canadian economist, also known as the “father of the euro”, is a specialist in global monetary policy. It developed one of the first plans for a single European currency and laid the foundations for the introduction of the euro.
He won the Nobel Prize in Economics in 1999 for his analysis of monetary and fiscal policy in various exchange rate systems and his theory of optimal monetary space (part of the initial discussions on the implementation of the European Economic and Monetary Union).
Professor Mandel has taught at Columbia University, Chinese University in Hong Kong. He has also worked at the University of Chicago, Waterloo University, and McGill University.
He is also known for the Mandel-Fleming model, as well as his research on the gold standard.
He was also a supporter of fixed exchange rates and in 2009, after the worst recession in the world economy since the 1930s, he again called for the euro to be firmly established against the dollar, reminds BTA. According to him, fluctuations in exchange rates have caused imbalances that led to the global financial crisis.
His ideas contradict the views of Milton Friedman, also a Nobel laureate, who believes that flexible exchange rates are more productive for trade because they are adjusted automatically while allowing countries to control the availability of national currencies.
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