Brussels, 15/07/2003 (Agence Europe) - The Economy and Finance Ministers of the Member States of the EU on Tuesday proposed the appointment of Jean-Claude Trichet to the post of President of the European Central Bank (ECB) for a term of eight years to start on 1 November, when Wim Duisenberg is to leave the post. By request of the French President Jacques Chirac, the European Council, which met in Thessaloniki on 19 and 20 June, supported the candidacy of the current Governor of the Banque de France, who had just been cleared in court in the Crédit Lyonnais accounts case.
After consultation of the European Parliament and the ECB board, the Ecofin Council's recommendation is to be adopted by the European Council, either at its meeting in Brussels on 16 and 17 October, or by simple written procedure. Mr Trichet will probably sit his hearing before the EP's Economic and Monetary Affairs Committee on 11 September. A report will then be written and examined by the plenary in Strasbourg on 24 or 25 September.
As a reminder, Mr Duisenberg was appointed President of the ECB on 26 May 1998 for a period of eight years. On France's request, Mr Duisenberg indicated that he would be prepared to step down mid-term to leave the way clear for a French candidate. In a letter dated 9 January and addressed to Javier Solana, Mr Duisenberg announced his intentions of resigning on 9 July 2003, but said that he was prepared to stay for longer if the Heads of State and Government asked him to. On 17 April 2003, in response to a letter from the Greek Prime Minister Costas Simitis, Mr Duisenberg confirmed his availability to stay past 9 July 2003 and for as long as necessary until his successor was ready to take up his position, in order to ensure a smooth transition at the head of the ECB.