He received the Nobel Memorial Prize in Economic Sciences in 1999 for his pioneering work in monetary dynamics and optimum currency areas.

[1] Mundell is known as the "father" of the euro,[6] as he laid the groundwork for its introduction through this work and helped to start the movement known as supply-side economics.

[10] He spent his early years in a farm in Ontario and moved to British Columbia with his family when his father retired at the end of World War II.

He completed his high school education in British Columbia where he was known to have participated in boxing and chess events during this time.

[1][13] In the 1970s, he laid the groundwork for the introduction of the euro through his pioneering work in monetary dynamics and optimum currency forms for which he won the 1999 Nobel Prize in Economics.

[18] This work later led to the creation of the euro and his prediction that leaving the Bretton Woods system would lead to "stagflation" so long as highly progressive income tax rates applied.

He is well known for stating that in a floating exchange rate system, expansion of the money supply can come about only by a positive balance of payments.

[19] Robert Mundell was considered the "father of the euro" for his early work encouraging a European monetary union.

[21] In 2000, he predicted that before 2010, the eurozone would expand to cover 50 countries, while the U.S. dollar would spread throughout Latin America, and much of Asia would look towards the yen.

As such, when a crisis hits, eurozone governments would not be able to stimulate the economy by creating money, as is prescribed by Keynesian economics.

They would thus be forced to resort to other means to curtail unemployment, such as deregulating businesses, privatizing state industries, cutting taxes, and weakening the social safety net.

The Mundell International University of Entrepreneurship in the Zhongguancun district of Beijing, People's Republic of China, is named in his honour.

His first appearance was on October 17, 2002,[29] where he gave The Top 10 List on "Ways My Life has Changed Since Winning the Nobel Prize."

Mundell also appeared on Bloomberg Television many times, mainly speaking on euro-related topics and other European financial issues.

He was also a special guest making the ceremonial first move in Game Five of the 2010 World Chess Championship between Viswanathan Anand and Veselin Topalov.