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

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  • Ivo Maes

    () (National Bank of Belgium, Research Department
    Université catholique de Louvain, Robert Triffin Chair
    HUBrussel
    ICHEC Brussels Management School)

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.

Suggested Citation

  • Ivo Maes, 2011. "The evolution of Alexandre Lamfalussy's thought on the international and European monetary system (1961-1993)," Working Paper Research 217, National Bank of Belgium.
  • Handle: RePEc:nbb:reswpp:201111-217
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    File URL: https://www.nbb.be/doc/oc/repec/reswpp/wp217en.pdf
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    Keywords

    Lamfalussy; exchange rates; European monetary integration; Delors Report;

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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