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 ($33.7 billion) bailout by the French government. In the end, the court cleared Trichet of involvement in the banking scandal in June.
Šaltinis:
dw-world.de
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
On 31 August 2009 in a non-public way AB Bank SNORAS issued the emission of perpetual debt securities included into the bank capital amounting to LTL 72.5 million.
more »
The European Commission, through its longstanding cooperation with the US and Canada, announces the launch of 33 new and innovative projects involving universities and training institutions on both sides of the Atlantic.
more »
Today at the VII World Congress on Alternatives and Animal Use in the Life Sciences in Rome, the European Commission and the European cosmetic industry presented their joint financial effort for research into alternative safety testing methods.
more »
SEB Bank, the largest bank in Lithuania, invests almost LTL 4.6 million in to the upgrade of its data transmission network.
more »
The World Bank’s Board of Executive Directors today approved a credit of US$ 36.6 million equivalent of additional financing for the Lifeline Road Improvement Project for Armenia.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Latvia's performance under an economic program supported by a 27-month Stand-By Arrangement.
more »
The Commission has today decided to close the formal investigation procedure into the privatisation and restructuring of Austrian Airlines concluding that the restructuring following its sale to Lufthansa is compatible with community law.
more »
Ben Bernanke's reappointment as head of the Federal Reserve did not come as a surprise, but Wall Street still responded with the proverbial thumbs up.
more »
Over I half-year 2009 accommodation establishments had by 22 per cent less guests.
more »
In the first such transaction in Russia, carbon credits generated by utilising gas which would otherwise be flared at an oilfield in eastern Siberia are to be purchased through a carbon fund set up by the EBRD and the European Investment Bank (EIB), the Multilateral Carbon Credit Fund (MCCF).
more »