Robert Mundell, the Nobel Prize winning economist considered to be the "father of the euro", has died in Italy at the age of 88, according to media reports.

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