Alternating with the Maurice Allais Prize for Economics, the Maurice Allais Foundation under the aegis of the ParisTech Foundation has decided to organize, every second year, meetings between academic figures and high level economic decision-makers in charge of public policy, or of private or public enterprise, in order to provide fuller information to all concerned about the course and the future of our economic and social world.
These Maurice Allais Workshops faithfully continue Professor Allais’s scientific approach, for he constantly encouraged dialogue between economic theorists and practitioners, especially under the auspices of the Groupe de Recherches Économiques et Sociales, (G.R.E.C.S.) which he chaired from 1945 to 1969 (click here for further information).
They will be devoted to themes of great significance for our XXIst century economies, many of them already broached in Maurice Allais’s writings. Thus the Maurice Allais Workshops will contribute to spreading knowledge of the works of the 1988 Nobel Economics laureate and will draw inspiration from them to nourish reflection about today’s economic debates.
The First Maurice Allais Workshops 23rd May 2014 at the MINES ParisTech
“International Monetary Policy : Trends and Inflection Points
Contemporary Issues and the Legacy of Maurice Allais”
chaired by Jean-Claude Trichet, honorary chairman of the Foundation’s Scientific Committee
The theme chosen for the Maurice Allais Workshops in 2014 was monetary policy and the organization of the monetary system – subjects to which Maurice Allais devoted much reflection throughout his life.
In particular he stressed that a “single” European currency could not succeed without federalization (cf. his writings of 1945-1948 on this point, resumed later on in 1960 and reasserted in the 90s). A broad consensus is today emerging to the effect that defective organization of the Euro underlies the “European” aspect of the current economic crisis – a fact which fully justifies the subject chosen for the Maurice Allais Workshops of 23rd May 2014.
Moreover, on the international level, researchers within major organisms such as the IMF have recently been reviving the idea (more or less abandoned since 1945) of 100% money, which Allais supported as a remedy for crises such as the one we are at present experiencing.
So these are the questions which were treated during the Maurice Allais Workshops of 23rd May 2014.
After a presentation of Maurice Allais’s legacy in the field of monetary policy by Professor Bertrand Munier, Chairman of the Foundation’s Scientific Committee, Jean-Claude Trichet spoke on monetary policy and European Governance during the first session, which also saw participation from Laurence Boone (IEP Paris) as discussant and Christian Stoffaës as moderator.
The second session brought together Michael Kumhof (International Monetary Fund Research Department) as main speaker, Professor Nouriel Roubini (New-York University) as discussant and Philippe Trainar as moderator, on the topic of the “Chicago Plan” revisited and the 100% money which Maurice Allais had defended.
A final session was devoted to currency wars and the future of the international monetary system, featuring Benoît Coeuré (European Central Bank), Laurence Boone as discussant and Xavier Botteri as moderator.