Jean-Claude Trichet

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Jean-Claude Trichet
Trichet.jpg
Occupation President
Employer European Central Bank

Jean-Claude Trichet of France was president of the European Central Bank (ECB)[1] from 2003 until October 2011, when he was replaced by Mario Draghi.[2] Trichet succeeded Dutchman Wim Duisenberg in 2003 after a compromise deal had been reached within the EU to give each a half-term at the helm.

Trichet received both praise and criticism regarding the ECB's response to the eurozone credit crisis, which began in 2009 and continued into 2012. According to Trichet, "We have tried to be as cautious, prudent and measured as possible but to be in denial of the fact that we have the worst crisis since World War Two would be, in my opinion, the most terrible mistake we could make." [3]

He contended that private-sector involvement is "fully consistent" with existing policies of the International Monetary Fund (IMF).[4]

Awards he's received have included "Policy maker of the year", International Economy magazine, since 1991, Prize "Zerilli Marimo", Académie des Sciences morales et politiques since 1999, and International prize "Pico della Mirandola" since 2002.[5]

Background

Trichet, a career public-service bureaucrat, had previously been appointed to consecutive terms as governor of the Banque de France beginning in 1993 and had previously worked in the French government's Treasury Department, which he first joined in 1975. He was also chairman of the Paris Club for sovereign debt re-scheduling from 1985 to 1993 and from 1987 served as alternate governor to both the World Bank until 1995 and the International Monetary Fund (IMF) until 1993. He also served a year until his appointment to the Banque de France as chairman of the European Monetary Committee.

Education

Like many high-ranking members of the French government and bureaucracy, Trichet is a graduate of the Ecole Nationale d'Administration (ENA). He is also a graduate of the Institut d'études politiques de Paris and a graduate of the Ecole nationale d'administration.

Latest News

On October 31, 2011, Trichet handed the ECB presidency to Italian ECB member Mario Draghi.[6]

References

  1. The President of the European Central Bank Jean-Claude Trichet. European Central Bank.
  2. Draghi Takes ECB Helm in Battle Mode as Debt Crisis Torments Policy Makers. Bloomberg.
  3. Jean-Claude Trichet: the eurozone crisis in quotes. The Telegraph.
  4. EU approves bailout deal for Ireland. The Washington Times.
  5. European Central Bank. Bloomberg BusinessWeek.
  6. Draghi replaces Trichet as new ECB president. Yahoo Finance UK & Ireland.