Father of ‘euro’ knew it was a problem child
Even as he played a vital role in the creation of the monetary union, Lamfalussy understood the fatal flaw at its heart
The obituaries of Baron Alexandre Lamfalussy, the cosmopolitan banker who died 9 May, describe him as the “father of the euro." He led a rather charmed life, fleeing Communist-controlled Hungary as a young man, settling in Belgium, and ultimately becoming general manager of the Bank of International Settlements. A brilliant economist, he was the first president of the European Monetary Institute, the forerunner of the European Central Bank.