The President of the European Central Bank is a senior position in the European Central Bank , the institution responsible for the euro area's monetary and credit management.
Content
Role and Purpose
The Chairperson chairs the Executive Board, Governing Council and General Council of the European Central Bank. He also represents a bank abroad, for example, in the G20 . The President is appointed by a majority in the European Council by countries that have joined the euro area for an 8-year term without the right to re-election. [1] However, the first president, Wim Duisenberg , did not hold the full term.
History
Chaired by Wim Duisenberg
Wim Duisenberg was the current president of the European Monetary Institute at the time when the EMI was transformed into the European Central Bank on June 1, 1998, shortly before the introduction of the euro. Thus, Duisenberg became the first president of the ECB.
According to the French interpretation of the Eurozone treaty, Duisenberg was to resign after 4 years from an 8-year term. His successor was to become a Frenchman, Jean-Claude Trichet. [2] Duisenberg strongly denied that there was such an agreement, and in February 2002 stated that he would remain in office until his 68th birthday on July 9, 2003.
At the same time, charges were not dropped from Jean-Claude Trichet, in connection with which he was not able to replace Duisenberg at the post. Trichet was able to take office only on November 1, 2003.
Wim Duisenberg died July 31, 2005.
Chaired by Jean-Claude Trichet
Trichet became chairman of the European Central Bank in 2003. The European sovereign debt crisis falls on his chairmanship. During his tenure as Trichet, he was criticized by the President of France, Nicolas Sarkozy , who demanded such an ECB policy that would be more focused on economic growth. Germany, on the contrary, supported Trichet, demanding respect for the independence of the bank. [3]
However, he was also criticized for buying bonds of Eurozone member states during the crisis. ECB board members Axel Weber and Jürgen Stark resigned in protest of this policy. International Monetary Fund economist Pau Rabanal argued that Trichet:
| ... not only adheres to an expansionary monetary policy, but even sacrificed the ECB's inflation target for greater economic growth and job creation, and not vice versa. |
Despite the fact that he deviated from his mandate, he managed to maintain a controlled interest rate and adhered to a price stabilization policy more than the German Bundesbank before the introduction of the euro in Germany. [4] [5]
During his last speech in the European Parliament (the 35th speech in the European Parliament during his tenure), Trichet called for greater political unity, including an increase in the powers of the ECB, the creation of an executive branch with the European Ministry of Finance, and greater oversight powers for the European Parliament . He also argued that the role of the European Central Bank in maintaining price stability during the financial crisis and rising oil prices should not be overlooked. [6]
Chaired by Mario Draghi
Although Axel Weber was one of Trichet’s likely successors, [7] he left the ECB in protest of the bail out policy during the crisis. Mario Draghi was elected Chairman of the European Central Bank on June 24, 2011 [8] and took office on November 1, 2011.
List of Chairpersons and Vice-Chairpersons of the European Central Bank
The list of chairmen since the creation of the bank on June 1, 1998.
| # | Portrait | The chairman | State | Took office | Left the post |
|---|---|---|---|---|---|
| one | Wim Duisenberg | June 1, 1998 | October 31, 2003 | ||
| Previously , the Dutch Minister of Finance , President of De Nederlandsche Bank and President of the European Monetary Institute . | |||||
| 2 | Jean-Claude Trichet | November 1, 2003 | October 31, 2011 | ||
| Previously a member of the Thirty Group and Governor of the Bank of France | |||||
| 3 | Mario Draghi | November 1, 2011 | in the position Expires in 2019 | ||
| Previously, Managing Director of Goldman Sachs , Executive Director of the World Bank , Chairman of the Financial Stability Board and Governor of Banca d'Italia . | |||||
Vice Chairs
Vice Chairman Christian Neuer was the only one to be appointed for only 4 years, so his resignation coincided with the expected resignation of Duisenberg. His successors, starting with Lucas Papadimos, hold office for eight years.
| Vice chairman | State | Took office | Left the post | |
|---|---|---|---|---|
| one | Christian neuer | June 1, 1998 | May 31, 2002 | |
| Previously a civil servant, consultant and head of the treasury at the French Ministry of Finance . | ||||
| 2 | Lucas Papadimos | June 1, 2002 | May 31, 2010 | |
| Previously a senior economist at the Federal Reserve Bank of Boston , and then Governor of the Bank of Greece . | ||||
| 3 | Vitor Constance | June 1, 2010 | Incumbent Term expires in 2018 | |
| Formerly Secretary General of the Socialist Party and Governor of the Bank of Portugal . | ||||
See also
- European Bank for Reconstruction and Development
- European Central Bank
- Eurozone
Notes
- ↑ Protocol 4 of the consolidated European treaties (link not available)
- ↑ New ECB chief 'must be French' . BBC, Friday, February 8, 2002 . Date of treatment April 9, 2012.
- ↑ Murphy, Francois . Trichet brushes off French criticism of ECB (September 23, 2007). Date of treatment June 26, 2011.
- ↑ By Xavier Vidal-Folch (translated by Anton Baer) October 6, 2011 What it would have cost without Trichet , EL PAÍS, on Presseurop
- ↑ The euro crisis: Is anyone in charge? , The Economist 1 October 2011
- ↑ Martin Banks - 4 October 2011 ECB chief calls for 'significant' new powers for EU Archived on October 20, 2011. , the Parliament Magazine
- ↑ Randow, Jana Weber Throws ECB Race Open by Ruling Out Second Bundesbank Term . Bloomberg (February 9, 2011). Date of treatment June 26, 2011.
- ↑ Baker, Luke . EU leaders appoint Mario Draghi as new ECB president | Reuters , Uk.reuters.com (June 24, 2011). Date of treatment June 26, 2011.