Alexandre Lamfalussy is a Belgian citizen of Hungarian extraction. He left his native country in 1949, read economics in Belgium at the Université Catholique de Louvain, and did postgraduate research at Nuffield College in Oxford, where he gained a D.Phil.(Oxon).
He started his professional career in 1955 as economist, and later as economic adviser at the Banque de Bruxelles. During the academic year 1962/63, on a sabbatical leave from the bank, he was Visiting Lecturer at Yale University. After his return from the United States he moved over into practical banking. After a few years he was appointed to the Executive Board, of which he became the president in 1972.
In 1976 he joined the Bank for International Settlements in Basel as Economic Adviser and Head of the Monetary and Economic Department. He was the General Manager of the BIS from 1985 until end-1993. During his tenure of office, he was a member of the Delors Committee ((1988-89), which held its meetings at the BIS and which was entrusted with the task of making practical proposals for the steps leading to the realization of EMU.
In December 1993 he was appointed President of the European Monetary Institute in Frankfurt, which received the mandate to set up the European Central Bank and to design the operational framework of the single monetary policy. He relinquished this position at end-June 1997.
During the years 2000-2001 he acted as Chairman of the Committee of Wise Men on the Regulation of European Securities Markets. The recommendations of the Committee were accepted by the European Summit in 2001 and have been extended to the financial industry as a whole.
In December 2008 the Belgian Government asked him to chair a high-level experts committee for making proposals to the Government on how to improve the crisis-resistance capability of the Belgian financial system. The final report of the Committee was handed over to the Government in June 2009.