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ECB President Duisenberg Confirms Intention to Stay Until End of 2002

Strategic Insights

— 1 min read

As preparations for the introduction of euro notes and coins across Europe are nearing completion, ECB President Wim Duisenberg has given his clearest indication yet that he intends to remain in the role until the end of 2002. In an interview on Dutch television, Duisenberg, 66, stated that he would still be in the job "this time next year", denying any knowledge of an agreement to step down before July 2002. This move follows pressure from French President Jacques Chirac, who opposed Duisenberg's nomination as ECB president in 1998 and has been pushing for his early retirement.

Key Takeaways:

  • ECB President Wim Duisenberg has confirmed his intention to stay in office until the end of 2002, stating that he would still be in the job "this time next year".
  • Duisenberg denied any knowledge of an agreement to step down before July 2002, contradicting claims made by French President Jacques Chirac.
  • European Union leaders appointed Duisenberg as ECB president in May 1998 for an eight-year term, but he agreed to step down before completing his term in 2006 under pressure from Chirac.
  • German Finance Minister Hans Eichel has expressed support for Duisenberg, stating that he should decide whether to serve his full eight-year term or retire early.
  • The leading candidate to succeed Duisenberg is Jean-Claude Trichet, the Bank of France governor, who is currently under investigation for his role in the collapse of Credit Lyonnais in the 1990s.
  • Duisenberg also forecast a slow economic recovery in 2002, predicting economic growth of more than 2% at the end of next year on an annual basis, and growth of about 1% for the full year 2002.

Statistics:

  • 2% GDP growth forecast for the end of 2002 (annual basis)
  • 1% GDP growth forecast for the full year 2002
  • 8-year term for ECB President Wim Duisenberg
  • 1998: Year ECB President Wim Duisenberg was appointed
  • 2002: Year ECB introduces euro notes and coins
  • 2006: Year Duisenberg's eight-year term ends (originally scheduled)

Sources:

  • The Economist
  • BBC News
  • Financial Times (recommended but not available)
  • Leslie Bornstein, "Wim Duisenberg elected head of European Central Bank", Houston Chronicle, June 16, 1998
  • Paul Taylor, "France, Germany pull off biggest structural reform in 35 years", Reuters, 10.04.2000

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