Mr. Speaker, Canadian economist Robert Mundell has won the Nobel Prize for economic sciences for his analysis of exchange rates and their effect on monetary policies.
Professor Mundell graduated from the University of British Columbia in 1953 and received his Ph.D. from the Massachusetts Institute of Technology in 1956. He has taught at Stanford, Johns Hopkins, McGill and Waterloo. In the 1960s he published a pioneering study on the short term effects of monetary and fiscal policy in an open economy. His theoretical constructs were studied by the European Union's leaders and were influential in developing plans for a single Eurocurrency. They should also be influential in future discussions on currency relations under the North American—Canada-U.S.-Mexico—Free Trade Agreement.