Jean-Claude Trichet

Jean-Claude Trichet
President of the European Central Bank
In office 1 November 2003 – 31 October 2011
Vice President	Lucas Papademos Vítor Constâncio
Preceded by	Wim Duisenberg
Succeeded by	Mario Draghi
Governor of the Bank of France
In office September 1993 – 1 November 2003
Preceded by	Jacques de Larosière
Succeeded by	Christian Noyer
Personal details
Born	20 December 1942 (1942-12-20) Lyon, France
Alma mater	École nationale supérieure des mines de Nancy Paris Institute of Political Studies National School of Administration
Signature

Jean-Claude Trichet (pronounced: [ʒɑ̃ klod tʁiʃɛ]) (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).

Biography

Born in Lyon, 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.^{[citation needed]})

In 2008, Trichet won the Vision for Europe Award for his contributions toward greater European integration.

He was awarded Grand Cross with Star of the Order of Merit of the Republic of Poland (2011).

Banking scandal

In January 2003 Trichet was put on trial with eight others charged with irregularities at Crédit Lyonnais, 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.

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

• Curriculum vitae of Jean-Claude Trichet at the ECB

• Speech on 'The External and Internal Dimensions of Europe’s Competitiveness' at IIEA, 26 February 2009

Business positions
Preceded by Jacques de Larosière	Governor of the Bank of France 1993–2003	Succeeded by Christian Noyer
Preceded by Wim Duisenberg	President of the European Central Bank 2003–2011	Succeeded by Mario Draghi