Alexandre Lámfalussy, the Hungarian-born economist and banker known as the “father of the euro”, has died aged 87, his family has disclosed.
Born Sándor Lámfalussy on 26 April 1929 in Kapuvár, western Hungary, the world-famous economist left Hungary in 1949 to live in Belgium, and he subsequently took up Belgian citizenship. Often called the “father of the euro” for his major role in creating the common European currency, he took part in devising the European Monetary Union’s implementation plan as a member of the Delors Commission (1988-89). Between 1994 and 1997, he served as the first president of the Frankfurt-based European Monetary Institute, forerunner of the European Central Bank.From 2000 to 2001, he chaired the Committee of Wise Men on the Regulation of European Securities Markets. whose proposals were adopted by the Council of the European Union in 2001. As chairman of the committee, he overshaw the creation of the Lámfalussy process, an approach to the development of financial service industry regulation used most famously in MiFID – the Markets in Financial Instruments Directive.
He is survived by four children.