I have today learned with deep sadness of the passing of my friend, Alexandre Lámfalussy, a towering European and gifted economist who is remembered as one of the founding fathers of the euro.
As a member of the 'Delors Committee', charged at the time with paving the way for the single currency, Alexandre was a passionate, devoted and skilled architect of the European project.
Alexandre was the first President of the Frankfurt-based European Monetary Institute, the institution which was in charge of setting up the European Central Bank and designing the framework for the single monetary policy. He later spearheaded a fundamental overhaul of the architecture for financial regulation and rule-making (the so-called ‘Lamfalussy Process’) in Europe, making the process more efficient and putting emphasis on supervisory convergence. His important legacy in this field continues to inspire European rule-making in the field of financial services.
I would like to pay tribute to this man of immense integrity and conviction, whose intellect, skill and wisdom will be sorely missed by all those who knew him.
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