The evolution of Alexandre Lamfalussy's thought on the international and European monetary system (1961-1993)

Ivo Maes ()
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Ivo Maes: National Bank of Belgium, Research Department

No 217, Working Paper Research from National Bank of Belgium

Abstract: The establishment of the European Monetary Institute (EMI), the predecessor of the European Central Bank, on 1 January 1994, was a milestone in the process of European monetary integration. In this paper, we look at the work on the international and European monetary system of Alexandre Lamfalussy, its first president. Lamfalussy pursued a threefold career: as a private banker, a central banker and an academic. Partly under the influence of Robert Triffin, Lamfalussy soon became interested in international monetary issues. This paper analyses his views on the international monetary system and on European monetary integration, including his contributions to the Delors Report, which provided the framework for European monetary union. The paper draws extensively on archival research in the Lamfalussy papers at the Bank for International Settlements and the minutes of the EEC Committee of Governors' meetings. The paper provides not only an analysis of Lamfalussy's thought on European monetary integration, but also offers crucial insight into the Weltanschauung and way of thinking of European central bankers in this period.

Keywords: Lamfalussy; exchange rates; European monetary integration; Delors Report (search for similar items in EconPapers)
JEL-codes: B31 E42 F36 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2011-11
New Economics Papers: this item is included in nep-cba, nep-his, nep-hpe and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:nbb:reswpp:201111-217

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