HISTORY
IIEC (Italian International Economic Center) was born on the initiative of Paolo Savona of the LUISS Guido Carli University and Michele Fratianni of Indiana University with the aim of studying the functioning of the global market after the end of the Bretton Woods Agreement.
As known, this event was mainly caused by the development of the Eurodollar, a banking innovation that had expropriated the monetary sovereignty of the United States.
George Sutija of the International University of Miami asked to join the IIEC by creating the PACE (Permanent Advisor Committee on Eurodollars) which held two international conferences on monetary and banking issues, the proceedings of which were published by MacMillan.
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The IIEC founded the Open Economies Review, which Fratianni directed with mastery, to pass the direction after about 10 years to prof. George Tavlas of the Bank of Greece, elevating it among the Journals whose publications were considered for the evaluation of the performance H-index. The Open Economies Review is still published by the prestigious Springer, famous editor of international scientifical publications.
Towards the end of the last century, a new innovation burst onto the global market - derivatives.
The IIEC, allied with the Guido Carli Association of Rome and the Cesifin Alberto Predieri Foundation of Florence, devoted itself to examining the problem that would lead to the global financial crisis of 2008, giving rise to seven international Conferences curated by Iftekhar Hasan, Managing editor of the Journal of financial Stability, published in as many notebooks.
The development of cryptocurrencies, the third wave of innovation that exploded in global finance, prompted the creators of the IIEC to relaunch their activity, starting with a review of the monetary cycle which led to a more direct involvement of monetary policy in financial stability and the return of the inflation.
This latest research work has resulted in a book titled “Monetary Policy Normalization, One Hundred Years After Keynes' Tract on Monetary Reform”, published in 2023 by Springer, edited by Paolo Savona and Rainer Masera, on which subject matter experts collaborated and was supported by the Cesifin Alberto Predieri Foundation and Marconi University in Rome.
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