Jean-Claude Trichet
Encyclopedia
Jean-Claude Trichet (born 20 December 1942) is a French
civil servant who was the president of the European Central Bank
, a position he held from 2003 to 2011. He is also a member of the Board of Directors of the Bank for International Settlements
. Trichet ranks fifth on Newsweek
’s list of the world's most powerful along with economic triumvirs Ben Bernanke
(fourth) and Masaaki Shirakawa
(sixth).
, France
, Trichet was educated at the École des Mines de Nancy
, from which he graduated in 1964. He later trained at the Institut d'études politiques de Paris
(best known as Sciences Po), finishing in 1966, and the École nationale d'administration
(ENA) from 1969–1971, two French higher education institutions in the field of political science and state administration.
In 1987 Trichet became a member of an influential Washington-based financial advisory body, the Group of Thirty
. Later, in 1993 he was appointed governor of Banque de France
. On 1 November 2003 he took Wim Duisenberg
's place as president of the European Central Bank
. (Most European Union leaders present at a 1998 special summit believed that Wim Duisenberg had agreed to a compromise with the French representatives and would step down from his office halfway through his eight-year term.)
In 2008, Trichet won the Vision for Europe Award
for his contributions toward greater European integration.
, one of France's biggest banks. Trichet was in charge of the French treasury at that time. He was cleared in June 2003, which left the way clear for him to move to the ECB
.
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French people
The French are a nation that share a common French culture and speak the French language as a mother tongue. Historically, the French population are descended from peoples of Celtic, Latin and Germanic origin, and are today a mixture of several ethnic groups...
civil servant who was the president of the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
, a position he held from 2003 to 2011. He is also a member of the Board of Directors of the Bank for International Settlements
Bank for International Settlements
The Bank for International Settlements is an intergovernmental organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." It is not accountable to any national government...
. Trichet ranks fifth on Newsweek
Newsweek
Newsweek is an American weekly news magazine published in New York City. It is distributed throughout the United States and internationally. It is the second-largest news weekly magazine in the U.S., having trailed Time in circulation and advertising revenue for most of its existence...
’s list of the world's most powerful along with economic triumvirs Ben Bernanke
Ben Bernanke
Ben Shalom Bernanke is an American economist, and the current Chairman of the Federal Reserve, the central bank of the United States. During his tenure as Chairman, Bernanke has overseen the response of the Federal Reserve to late-2000s financial crisis....
(fourth) and Masaaki Shirakawa
Masaaki Shirakawa
is a Japanese economist, central banker and the 30th Governor of the Bank of Japan . He is also a Director and Vice-Chairman of the Bank for International Settlements .-Early life:...
(sixth).
Biography
Born in LyonLyon
Lyon , is a city in east-central France in the Rhône-Alpes region, situated between Paris and Marseille. Lyon is located at from Paris, from Marseille, from Geneva, from Turin, and from Barcelona. The residents of the city are called Lyonnais....
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, Trichet was educated at the École des Mines de Nancy
École nationale supérieure des Mines de Nancy
The école nationale supérieure des mines de Nancy is one of the prestigious French generalist engineering Grandes Ecoles...
, from which he graduated in 1964. He later trained at the Institut d'études politiques de Paris
Institut d'Etudes Politiques de Paris
The Institut d'études politiques de Paris , simply referred to as Sciences Po , is a public research and higher education institution in Paris, France, specialised in the social sciences. It has the status of grand établissement, which allows its admissions process to be highly selective...
(best known as Sciences Po), finishing in 1966, and the École nationale d'administration
École nationale d'administration
The École Nationale d'Administration , one of the most prestigious of French graduate schools , was created in 1945 by Charles de Gaulle to democratise access to the senior civil service. It is now entrusted with the selection and initial training of senior French officials...
(ENA) from 1969–1971, two French higher education institutions in the field of political science and state administration.
In 1987 Trichet became a member of an influential Washington-based financial advisory body, the Group of Thirty
Group of Thirty
The Group of Thirty, often abbreviated to G30, is an international body of leading financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors related to these issues...
. Later, in 1993 he was appointed governor of Banque de France
Banque de France
The Banque de France is the central bank of France; it is linked to the European Central Bank . Its main charge is to implement the interest rate policy of the European System of Central Banks...
. On 1 November 2003 he took Wim Duisenberg
Wim Duisenberg
Willem Frederik "Wim" Duisenberg was a Dutch politician of the Labour Party . He was the first President of the European Central Bank from 1 July 1998 until 31 October 2003. He was instrumental in the Introduction of the euro in the European Union in 2002. He was also credited for making numerous...
's place as president of the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
. (Most European Union leaders present at a 1998 special summit believed that Wim Duisenberg had agreed to a compromise with the French representatives and would step down from his office halfway through his eight-year term.)
In 2008, Trichet won the Vision for Europe Award
Vision for Europe Award
The Vision for Europe Award is an honour that has been bestowed annually since 1995 by the non-profit Edmond Israel Foundation in "recognition of outstanding achievements in taking Europe into the future."...
for his contributions toward greater European integration.
Banking scandal
In January 2003 Trichet was put on trial with eight others charged with irregularities at Crédit LyonnaisCrédit Lyonnais
Crédit Lyonnais is a historic French bank. In the early 1990s it was the largest French bank, majority state-owned at that point. Crédit Lyonnais was the subject of poor management during that period which almost led to its bankruptcy in 1993...
, one of France's biggest banks. Trichet was in charge of the French treasury at that time. He was cleared in June 2003, which left the way clear for him to move to the ECB
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
.
2009 Banking Crisis
Within the European Central Bank, Trichet strongly resisted any contemplation of Greece defaulting on its debt. It was only in October 2011, with the end of his term imminent, that consensus was reached to allow a 50% cut in the value of Greek bonds.Criticism
Trichet has been criticised for the ECB's response to the Great Recession, which emphasised price stability over recovery and growth.External links
- Speech on 'The External and Internal Dimensions of Europe’s Competitiveness' at IIEA, 26 February 2009
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