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The European Payments Union and the origins of Triffin’s regional approach towards international monetary integration

Author

Listed:
  • Ivo Maes

    (Economics and Research Department, NBB, Robert Triffin Chair, Université catholique de Louvain, and ICHEC Brussels Management School)

  • Ilaria Pasotti

    (Catholic University of Milan)

Abstract

Robert Triffin (1911-1993) played an important role in the international monetary debates in the postwar period. He was known as one of the main advocates of a multipolar international monetary system. In this paper we analyse the origins of riffin’s “regional” approach towards international monetary integration. We argue that Triffin’s experience with the European Payments Union (EPU)played hereby a crucial role. Triffin was not only an “architect” of the EPU, but the EPU also led to an important shift in Triffin’s view of the geography of the international monetary system. Before his work on the EPU, Triffin thought of the international economy as composed of two geographical entities: national economies and the world economy. With his work on the EPU he introduced a third geographical entity: the region. The EPU would so be at the basis of Triffin’s advocacy of a regional approach towards international monetary integration. Moreover, while Triffin was initially quite positive on the IMF, he became, through his EPU experience, more critical of the IMF and its worldwide approach.

Suggested Citation

  • Ivo Maes & Ilaria Pasotti, 2016. "The European Payments Union and the origins of Triffin’s regional approach towards international monetary integration," Working Paper Research 301, National Bank of Belgium.
    • Handle: RePEc:nbb:reswpp:201609-301
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    More about this item

    Keywords

    Triffin; European Payments Union (EPU); international monetary system (IMS);
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B27 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - International Trade and Finance
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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