China Financial Policy Research Center (FRC),RUC

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Professor Mundell Attends the “Monetary and Financial Round Table • 2011 Autumn” and Makes A Speech

Posted on October 30th, 2011

  

Professor Mundell bent over backwards to explain in detail the origins of euro debt crisis and logic of international monetary system development.
With a view to Long-history,He proposed four recommendations to save the European debt crisis and reform the international monetary system.First,the euro area should not only achieve the integration of financial, but also achieve a high degree integration of political, and found a de facto the United States of Europe timely. Secondly,the dollar and euro exchange rate should be steady, and fixe the euro to US dollar exchange rate between 1:1.2 to 1:1.4. Thirdly,along with RMB convertibility,RMB should be brought into the Fixed Exchange Rate System made by US dollat and euro,and found a new monetary area which contains RMB、US dollar and euro. What’s more,he said it should establish the universal money INTOR.
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