List of Presidents of the European Central Bank
Encyclopedia
The President of the European Central Bank is the head of the European Central Bank
(ECB), the institution responsible for the management of the euro and monetary policy
in the Eurozone
of the European Union
(EU).
. The President is appointed by majority in the European Council
, de facto by those who have adopted the euro, for an eight-year non-renewable term. However the first President, Duisenberg, did not serve his full term (see below)
was the President of the European Monetary Institute
(EMI) when it became the ECB, just prior to the launch of the euro, on 1 June 1998. Duisenberg then became the first President of the ECB.
The French interpretation of the agreement made with the installation of Wim Duisenberg as ECB President was that Duisenberg would resign after just four years of his eight year term, and would be replaced by the French Jean-Claude Trichet
. Duisenberg always strongly denied that such an agreement was made and stated in February 2002 that he would stay in office until his 68th birthday on 9 July 2003.
In the meanwhile Jean-Claude Trichet was not cleared of legal accusations before 1 June 2002, so he was not able to begin his term after Duisenberg's first four years. Even on 9 July 2003 Trichet was not cleared, and therefore Duisenberg remained in office until 1 November 2003. Duisenberg died on the 31 July 2005.
who demanded a more growth-orientated policy at the ECB. Germany supported Trichet in demanding the bank's independence be respected.
However, he was also criticised from straying from his mandate during the crisis by buying the government bond
s of eurozone member states. ECB board members Axel A. Weber
and Jürgen Stark
resigned in protest at this policy, even if it helped prevent states from defaulting. IMF
economist Pau Rabanal argued that Trichet "maintained a relatively expansionary monetary policy," but even "sacrificed the ECB's inflation target for the sake of greater economic growth and jobs creation, and not the other way round.” While straying from his mandate, he has however still kept interest rates under control and maintained greater price stability than the Deutsche Bundesbank
did before the euro.
As well as defending the ECB's independence and balancing its commitment to interest rates and economic stability, Trichet also fought Sarkozy for automatic sanctions in the EU fiscal reforms and against Angela Merkel
against private sector involvement in bail outs so as not to scare the markets. He had however made some mistakes during the crisis, for example by: raising interest rates just after inflation topped out and just prior to the recession triggered by the Lehman Brothers collapse
; also by its early timidity in buying eurozone state bonds.
In his final appearance (his 35th) before the European Parliament, Trichet called for more political unity, including; significant new powers to be granted to the ECB, the establishment of an executive branch with a European Finance Ministry and greater oversight powers for the European Parliament. He also asserted that the ECB's role in maintaining price stability throughout the financial crisis and the oil price rises should not be overlooked. He stated, in response to a question from a German newspaper attacking the ECB's credibility following its bond-buying;
was chosen to become the next President of the ECB on the 24 June 2011. He is President as of 1 November 2011.
Pascal Canfin, Member of the European Parliament, asserted that Draghi had been involved in swaps for European governments, namely Greece, trying to disguise their countries' economic status. Draghi responded that the deals were "undertaken before my joining Goldman Sachs [and] I had nothing to do with" them, in the 2011 European Parliament nomination hearings.
A real and complete inquiry from EU bodies, including the European Parliament, could still be needed to be fully and definitely conclusive about Draghi's exact role and responsibilities in Goldman Sachs, with adequate responses if required.
was only appointed for four years so that his resignation would coincide with the expected resignation of Duisenberg. His successors, starting with Lucas Papademos
, are granted eight-year terms.
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,...
(ECB), the institution responsible for the management of the euro and monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
in the Eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
(EU).
Role and appointment
The President heads the executive board, governing council and general council of the ECB. He also represents the bank abroad, for example at the G20G-20 major economies
The Group of Twenty Finance Ministers and Central Bank Governors is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank...
. The President is appointed by majority in the European Council
European Council
The European Council is an institution of the European Union. It comprises the heads of state or government of the EU member states, along with the President of the European Commission and the President of the European Council, currently Herman Van Rompuy...
, de facto by those who have adopted the euro, for an eight-year non-renewable term. However the first President, Duisenberg, did not serve his full term (see below)
Duisenberg
Wim DuisenbergWim 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...
was the President of the European Monetary Institute
European Monetary Institute
The European Monetary Institute was the forerunner of the European Central Bank , operating between 1994 and 1997.-History:The EMI was created 1 January 1994 to oversee the second stage in the creation of monetary union. The EMI itself took over from the earlier European Monetary Cooperation Fund...
(EMI) when it became the ECB, just prior to the launch of the euro, on 1 June 1998. Duisenberg then became the first President of the ECB.
The French interpretation of the agreement made with the installation of Wim Duisenberg as ECB President was that Duisenberg would resign after just four years of his eight year term, and would be replaced by the French Jean-Claude Trichet
Jean-Claude Trichet
Jean-Claude Trichet 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...
. Duisenberg always strongly denied that such an agreement was made and stated in February 2002 that he would stay in office until his 68th birthday on 9 July 2003.
In the meanwhile Jean-Claude Trichet was not cleared of legal accusations before 1 June 2002, so he was not able to begin his term after Duisenberg's first four years. Even on 9 July 2003 Trichet was not cleared, and therefore Duisenberg remained in office until 1 November 2003. Duisenberg died on the 31 July 2005.
Trichet
Trichet became President in 2003 and served during the European sovereign debt crisis. Trichet's strengths lay in keeping consensus and visible calm in the ECB. During his tenure, Trichet has had to fend off criticism from French President Nicolas SarkozyNicolas Sarkozy
Nicolas Sarkozy is the 23rd and current President of the French Republic and ex officio Co-Prince of Andorra. He assumed the office on 16 May 2007 after defeating the Socialist Party candidate Ségolène Royal 10 days earlier....
who demanded a more growth-orientated policy at the ECB. Germany supported Trichet in demanding the bank's independence be respected.
However, he was also criticised from straying from his mandate during the crisis by buying the government bond
Government bond
A government bond is a bond issued by a national government denominated in the country's own currency. Bonds are debt investments whereby an investor loans a certain amount of money, for a certain amount of time, with a certain interest rate, to a company or country...
s of eurozone member states. ECB board members Axel A. Weber
Axel A. Weber
Axel Alfred Weber is a German economist, professor and banker. He teaches at the University of Chicago Booth School of Business and is a board member and prospective chairman of UBS...
and Jürgen Stark
Jürgen Stark
Jürgen Stark is a German economist who has been a member of the Executive Board of the European Central Bank from June 2006, but announced in September 2011 he would resign later that year...
resigned in protest at this policy, even if it helped prevent states from defaulting. IMF
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
economist Pau Rabanal argued that Trichet "maintained a relatively expansionary monetary policy," but even "sacrificed the ECB's inflation target for the sake of greater economic growth and jobs creation, and not the other way round.” While straying from his mandate, he has however still kept interest rates under control and maintained greater price stability than the Deutsche Bundesbank
Deutsche Bundesbank
The Deutsche Bundesbank is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks . Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. Both the Deutsche Bundesbank and the European Central Bank are...
did before the euro.
As well as defending the ECB's independence and balancing its commitment to interest rates and economic stability, Trichet also fought Sarkozy for automatic sanctions in the EU fiscal reforms and against Angela Merkel
Angela Merkel
Angela Dorothea Merkel is the current Chancellor of Germany . Merkel, elected to the Bundestag from Mecklenburg-Vorpommern, has been the chairwoman of the Christian Democratic Union since 2000, and chairwoman of the CDU-CSU parliamentary coalition from 2002 to 2005.From 2005 to 2009 she led a...
against private sector involvement in bail outs so as not to scare the markets. He had however made some mistakes during the crisis, for example by: raising interest rates just after inflation topped out and just prior to the recession triggered by the Lehman Brothers collapse
Bankruptcy of Lehman Brothers
Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008. The bankruptcy of Lehman Brothers remains the largest bankruptcy filing in U.S...
; also by its early timidity in buying eurozone state bonds.
In his final appearance (his 35th) before the European Parliament, Trichet called for more political unity, including; significant new powers to be granted to the ECB, the establishment of an executive branch with a European Finance Ministry and greater oversight powers for the European Parliament. He also asserted that the ECB's role in maintaining price stability throughout the financial crisis and the oil price rises should not be overlooked. He stated, in response to a question from a German newspaper attacking the ECB's credibility following its bond-buying;
Draghi
Although Axel Weber was tipped as one of the possible successors, he resigned from the ECB in protest at the bail out policies. Mario DraghiMario Draghi
Mario Draghi is an Italian banker and economist who succeeded Jean-Claude Trichet as President of the European Central Bank on 1 November 2011...
was chosen to become the next President of the ECB on the 24 June 2011. He is President as of 1 November 2011.
Pascal Canfin, Member of the European Parliament, asserted that Draghi had been involved in swaps for European governments, namely Greece, trying to disguise their countries' economic status. Draghi responded that the deals were "undertaken before my joining Goldman Sachs [and] I had nothing to do with" them, in the 2011 European Parliament nomination hearings.
A real and complete inquiry from EU bodies, including the European Parliament, could still be needed to be fully and definitely conclusive about Draghi's exact role and responsibilities in Goldman Sachs, with adequate responses if required.
List
List of presidents since the establishment of the bank on 1 June 1998.| # | Portrait | President | State | Took office | Left office |
|---|---|---|---|---|---|
| 1 |  |
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... |
 Netherlands |
1 June 1998 | 31 October 2003 |
| Previously the Dutch Minister of Finance Ministry of Finance (Netherlands) The Ministry of Finance is the Dutch ministry of finance: it is occupied with the national budget, taxation and financial economic policy, including supervision of financial markets... , President of De Nederlandsche Bank De Nederlandsche Bank De Nederlandsche Bank is the central bank of the Netherlands. It is part of the European System of Central Banks .-History:... and President of the European Monetary Institute European Monetary Institute The European Monetary Institute was the forerunner of the European Central Bank , operating between 1994 and 1997.-History:The EMI was created 1 January 1994 to oversee the second stage in the creation of monetary union. The EMI itself took over from the earlier European Monetary Cooperation Fund... . |
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| 2 | Jean-Claude Trichet Jean-Claude Trichet Jean-Claude Trichet 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... |
 Early Modern France |
1 November 2003 | 31 October 2011 | |
| Previously a member of 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... and the Governor of the 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... . |
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| 3 | Mario Draghi Mario Draghi Mario Draghi is an Italian banker and economist who succeeded Jean-Claude Trichet as President of the European Central Bank on 1 November 2011... |
 Italy |
1 November 2011 | Term expires in 2019 | |
| Previously a managing director of Goldman Sachs Goldman Sachs The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients... , executive Director of the World Bank World Bank The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty... and Governor of the Banca d'Italia Banca d'Italia Banca d'Italia is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, Roma, via Nazionale... . |
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Vice Presidents
Vice President Christian NoyerChristian Noyer
Christian Noyer is a French higher civil servant, current governor of the Bank of France , and former vice-president of the Executive Board of the European Central Bank . In March 2010 Noyer became Chairman of the Bank for International Settlements.-References: *...
was only appointed for four years so that his resignation would coincide with the expected resignation of Duisenberg. His successors, starting with Lucas Papademos
Lucas Papademos
Lucas Papademos is a Greek economist who has been appointed as Prime Minister of Greece since 11 November 2011.Previously, he was Governor of the Bank of Greece from 1994 to 2002 and Vice President of the European Central Bank from 2002 to 2010...
, are granted eight-year terms.
| Vice President | State | Took office | Left Office | |
|---|---|---|---|---|
| 1 | Christian Noyer Christian Noyer Christian Noyer is a French higher civil servant, current governor of the Bank of France , and former vice-president of the Executive Board of the European Central Bank . In March 2010 Noyer became Chairman of the Bank for International Settlements.-References: *... |
Early Modern France |
1 June 1998 | 31 May 2002 |
| Previously a civil servant, advisor and head of the treasury at the French Ministry of Finance. | ||||
| 2 | Lucas Papademos Lucas Papademos Lucas Papademos is a Greek economist who has been appointed as Prime Minister of Greece since 11 November 2011.Previously, he was Governor of the Bank of Greece from 1994 to 2002 and Vice President of the European Central Bank from 2002 to 2010... |
 Greece |
1 June 2002 | 31 May 2010 |
| Previously the senior economist at the Federal Reserve Bank of Boston Federal Reserve Bank of Boston The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers most of Connecticut , Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. It is headquartered in the Federal Reserve Bank Building in Boston,... and chief economist of the Bank of Greece Bank of Greece The Bank of Greece is the nationalcentral bank of Greece, located in Athens on Panepistimiou Street, with several branches across the country. Founded in 1927... . |
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| 3 | Vítor Constâncio Vitor Constâncio Vítor Manuel Ribeiro Constâncio, GCC, GCIH is a Portuguese economist and politician, Vice-President of the European Central Bank. Constâncio graduated in economics from the Universidade Técnica de Lisboa.... |
 Portugal |
1 June 2010 | incumbent |
| Previously secretary-general of the Socialist Party Socialist Party (Portugal) The Socialist Party , abbreviated to PS, is a social-democratic political party in Portugal. It was founded on 19 April 1973 in the German city of Bad Münstereifel, by militants from Portuguese Socialist Action .... and Governor of the Banco de Portugal Banco de Portugal The Banco de Portugal is the central bank of the Republic of Portugal. Established by a royal charter of 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa and the Companhia de Confiança Nacional, an investment company... . |
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