Brussels, 30/07/2003 (Agence Europe) - In its final meeting before the summer break, the European Central Bank (ECB) Governing Council on Thursday will be deciding by secret ballot on the nomination of Jean-Claude Trichet as the new ECB President. The procedure to replace Wim Duisenberg was launched on 15 July by EU Member States' economics and finance ministers (see EUROPE of 16 July, p.7). The meeting will also be looking at interest rates at their Thursday meeting, although most economists expect them to remain unchanged.
In the last few meetings before the summer break, the ECB Governing Council has been taking advantage of the regulation enabling them to meet by videoconference. This Thursday, however, they will be physically present in Frankfurt to complete their ballot papers (Yes, No, or Abstain) on whether Trichet has the skills required to become ECB President.
The ballot papers will be put in blank envelopes and ECB President Wim Duisenberg will announce the outcome (details of which will not be made public). ECB regulations require a secret ballot concerning members of the Governing Council. The results of the ballot will remain secret until 2033, when the ECB archives will be opened to the public.
Trichet will then speak to the European Parliament's Economic and Monetary Affairs Committee on 11 September, and the EP will give its opinion in plenary in Strasbourg on 24 or 25 September. The recommendation of the Ecofin Council will be endorsed by the heads of state of eurozone countries using the written procedure or at the Brussels European Council meeting on 16/17 October.