Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/144429 
Authors: 
Year of Publication: 
2011
Series/Report no.: 
NBB Working Paper No. 217
Publisher: 
National Bank of Belgium, Brussels
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.
Subjects: 
Lamfalussy
exchange rates
European monetary integration
Delors Report
JEL: 
B31
E42
F36
Document Type: 
Working Paper

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