Rueff Remembered

Thinking about monetary and economic nationalism reminds one of the French economist Jacques Rueff (1898-1978). He strongly opposed economic fragmentation, nationalism and protectionism. He saw a good monetary system as a unifying force.

 

Shall we blame him for the euro? He did say, back in 1949,  that money would lead European integration: “L’Europe se fera par la monnaie ou ne se fera pas.” But what he meant was: Europe would be built on sound monetary principles or not at all.

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