Nobel Prize winning economist Robert Mundell dies in Italy at 88

Nobel Prize-winning economist Robert Mundell, also regarded as one of the “fathers of the euro,” dies in Italy at 88.

As being reported, Robert Mundell, was at his vacation home near the Tuscan city of Siena when he died on Sunday.

However, the news of his death could not have been reported on the same day.

Mundell who was born in Canada was awarded the Nobel Memorial Prize in Economic Sciences in 1999 for what the Nobel Committee referred to as “his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas.”

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He is best known for laying the groundwork for the euro starting in the 1960s, publishing articles that created the foundation for the European Economic and Monetary Union, the legal and economic framework that the euro currency is based on.

International Monetary Fund lists the economist as “a pioneer of modern international economics” who “developed the modern theory of optimal currency areas, and many observers include him among the fathers of the euro”.