Brussels, 09/04/2001 (Agence Europe) - A few days before a meeting of the Broad of Governors of the European Central Bank (from which the announcement of a possible reduction in the base rate by the ECB to 4.75% is expected), the pressure rose on Wim Duisenberg, President of the institution. The Monday issue of the Financial Times asserted that the Central Banks and European government leaders are putting pressure for the identity of the successor to Mr Duisenberg to be known before the introduction of Euro notes and coins, feeling that the right time would be in the autumn. A diplomatic source close to the Council put France in the first place out of the countries keen to know the name of the future President of the ECB. A person from the circle of the Cabinet of Didier Reynders, President of the Eurogroup, confirms this growing pressure around Mr Duisenberg, but adds that this kind of manoeuvre carried out in the back corridors, risks having the opposite effect that what is sought, by making the European Central Bank aware that its independence is threatened. As for Hans Eichel, German Finance Minister, he recently positioned himself in favour of a reduction in interest rates, against the wait and see policy approach of the present ECB President.
Let us recall that, according to the political agreement reached during the Special Summit on 2 May 1998 during the nomination of the ECB President, after a lengthy debate between France, Germany and the Netherlands, Mr Duisenberg should "voluntarily resign" in the middle of his eight year mandate (see EUROPE of 3 Mary 1998, p.4). A statement by him places the deadline between January and July 2002, but a more recent decision by the ECB and the governments foresees that he withdraws as of the end of the month of February. An unofficial arrangement foresees that Mr Duisenberg will be replaced by the Frenchman Jean-Claude Trichet. However, Mr Trichet could be put out by an investigation by the French Justice system concerning Credit Lyonnais. Mr Trichet himself confirmed that he was involved in the investigation, without knowing whether he will be implicated. If he must withdraw his candidacy, it is the name of Jean Lemierre, President of the European Bank for Reconstruction and Development, who is most often cited. Mr Lemierre asserted, as for him, that Wim Duisenberg would leave his position "around April 2002" (see EUROPE of 30 March, p.14).