File photo taken on Jan. 16, 2013 shows Nobel Prize-winning economist Robert A. Mundell addressing the Gaidar forum in Moscow, Russia. (Xinhua/Jiang Kehong)

The economist was "a pioneer of modern international economics" who "developed the modern theory of optimal currency areas, and many observers include him among the fathers of the euro."

ROME, April 5  -- Robert Mundell, the Nobel Prize winning economist considered to be the "father of the euro" currency, has died in Italy at the age of 88, according to reports from Italian news agency Ansa and other major local media.

Mundell, who was born in Canada, was at his vacation home near the Tuscan city of Siena when he died on Sunday, though the news was not immediately reported.

Hours after the news of Mundell's death broke on Monday, it was a top news story in most major Italian media outlets.