First Europe, then the world  Robert Mundell, Nobel prize-
winning father of the single currency, talks to Faisal Islam
Robert Mundell does not claim paternity of the single currency,
although it is often ascribed to him. But the Nobel prizewinning
economist is not guilty of neglect - he merely sees himself as
'one of several godfathers' to the euro, rather than its
inventor.  'I'm very gratified that it is coming to fruition. A
single currency is close to being absolutely necessary for
Europe,' says the Columbia University professor.  In 1972,
Mundell worked as a leading member of the EEC's Study Group on
Economic and Monetary Union in Europe. This followed his
published works on 'optimal currency areas', and a seminal 1973
article called 'Uncommon arguments for common currencies'. These
were the theoretical bases for the process that will end with
the launch of euro notes and coins on 1 January.  'I think
Europeans have a mixture of anticipation, excitement and a bit
of worry. It's a psychological challenge