Jean-Claude Trichet takes over the reins of power at the European Central Bank
Published:
1 November 2003 y., Saturday
Jean-Claude Trichet takes over the reins of power at the European Central Bank (ECB) from the out-going president Wim Duisenberg, the man they called "Mr. Euro," on Nov. 1. It is the culmination of many years of hard work and careful positioning in various posts within the corridors of international finance. And it is a job that he has long been associated with, despite the progress made by his predecessor.
Trichet rose through the ranks of the French public service, holding several high ranking positions in both left and right governments. His career path led him through a number of political posts in the French government’s finance ministry, culminating in the top job at the Treasury in 1987 and head of the Banque de France in 1993. He is also a former deputy governor with the International Monetary Fund (IMF) and World Bank.
For the past four years, Trichet remained largely behind the scenes serving on the ECB council as the head of France's Central Bank while Duisenberg, the man who many felt occupied the position tailor made for Trichet, was lauded for the smooth introduction of Europe's common currency.
Trichet was one of nine men put on trial for their part in the Credit Lyonnais affair, which culminated in a €31 billion ($33.7 billion) bailout by the French government. In the end, the court cleared Trichet of involvement in the banking scandal in June.
Šaltinis:
dw-world.de
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is increasing the availability of financing to the real economy in Hungary, with a €50 million credit line to CIB Bank, including at least €10 million equivalent denominated in Hungarian Forint.
more »
At the end of March 2010, AB Bank SNORAS deposit portfolio exceeded LTL 5 billion, of which over LTL 3 billion are household deposits.
more »
In affirmation of Vietnam’s remarkable progress towards Middle Income Country status, the World Bank Board of Directors today approved a second loan for Vietnam from the International Bank of Reconstruction and Development (IBRD).
more »
The World Bank today approved a EUR26 million loan to the Republic of Croatia aimed at further improving the efficiency of Croatia’s justice system − a necessary process in Croatia’s path towards successful European Union accession.
more »
The ACP-EU Joint Parliamentary Assembly asked the European Commission to help EU and ACP banana producers adapt to the new EU-Latin America trade agreement, which is expected to put an end to fifteen years of “banana wars” between the two continents, but has raised concerns for the livelihood of some regions' producers.
more »
As seventeen of Africa’s 53 nations celebrate 50 years of independence in 2010, Africa’s “golden moment has come” and investors around the globe must look to the continent often painted only as risk-prone if they are to capitalize on business opportunities.
more »
During the ordinary general shareholders’ meeting of AB Bank SNORAS, which took place on 31st March 2010, the bank’s profit distribution was approved.
more »
The EU is the world's largest economy, with enough international clout to return to "real capitalism" rather than resign itself to an alien "financial capitalism", concluded MEPs and experts at a public hearing held on Thursday by Parliament's special committee on the crisis.
more »
Food quality and labelling are likely to be key issues when the Common Agriculture Policy is overhauled in the coming years.
more »
The European Investment Bank (EIB) is lending EUR 250 million to Russian company Enel OGK-5 to finance the upgrading of a gas fired power plant located in Nevinnomyssk, South Russia.
more »