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Robert TriffinBelgian economist
Date of Birth: 05.10.1911
Country:  Belgium |
Content:
- Early Life and Education
- Career and Contributions
- Triffin Dilemma
- European Economic Integration
- Major Publications
- Legacy
Robert Triffin: Belgian Economist and Critic of the Bretton Woods System
Early Life and Education
Robert Triffin was born on October 5, 1911, in Flobecq, Belgium. He pursued his doctorate at Harvard University, earning it in 1938. During his time at Harvard, he served as a lecturer from 1939 to 1942.
Career and Contributions
Triffin held various positions within the US Federal Reserve System (1942-1946), the International Monetary Fund (1946-1948), and the Organization for European Economic Cooperation (1948-1951). In 1951, he became a professor of economics at Yale University. Triffin became a naturalized US citizen in 1942 but later regained his Belgian citizenship in 1977 and returned to Europe.
Triffin Dilemma
Triffin gained international recognition for his critique of the Bretton Woods system of fixed exchange rates. He argued that the system faced a "fundamental contradiction" that later became known as the "Triffin Dilemma." This dilemma suggested that the system would eventually collapse because the US would be unable to maintain the necessary gold reserves to support the dollar's convertibility to gold.
European Economic Integration
Triffin was a strong advocate for European integration. He contributed to the development of the European Monetary System (EMS) and supported the concept of a central bank that eventually evolved into the European Central Bank.
Major Publications
Triffin's notable works include:'Monopolistic Competition and General Equilibrium Theory' (1940)
'Our International Monetary System: Yesterday, today and tomorrow' (1968)
Legacy
Robert Triffin passed away on February 23, 1993, in Ostend, Belgium. His groundbreaking analysis of the Bretton Woods system has had a profound impact on international monetary theory and policy. The quote attributed to him, "The time for fundamental reform of the international monetary system is long overdue. The necessity and urgency of its implementation are now underlined by the imminent threat to the once mighty US dollar," remains a relevant reflection on the ongoing challenges of global economic governance.
