In Italy, at the age of 88, the famous Canadian economist, Nobel laureate and professor at Columbia University, Robert Mundell, who is called the “father of the euro”, died.

Mundell is considered as one of the ideological inspires of the creation of a single currency for European states. At first, his initiative was implemented in the form of the European Exchange Rate Mechanism (ERM), then – in the form of the eurozone, which currently includes 19 states.

According to the scientist, the presence of free markets between countries with the possibility of unhindered movement of goods, labor and capital contributes to the economic development of the region. Mundell won the Nobel Prize for this theory in 1999.