Money Doctor in Latin America
Robert Triffin started working at the Board of Governors of the Federal Reserve System in 1942. He worked mainly on Latin America and participated in several missions on monetary and banking reforms. They were part of the Roosevelt administration’s Good Neighbor Policy and imbued by New Deal values. Triffin was an open and multicultural person, with both his Belgian and American background. Moreover, as a progressive Catholic with a strong grounding in economics, he was the ideal person for this new type of monetary reform mission. Triffin emphasized that the aim was to put monetary and banking policy at the service of development objectives previously ignored in central bank legislations. This also reflected a change in economic paradigms, from classical economics to Keynesian economics. During this period Triffin wrote a first important essay on the international monetary system, putting global liquidity at the core of the international monetary system.