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President of the European Central Bank
""Logo European Central Bank.svg
""Mario Draghi 2013.jpeg
"Mario Draghi

since 1 November 2011
Member of "Eurogroup
Reports to
"Seat "Frankfurt, "Germany
Appointer "President of the European Commission
By majority approval of the "European Council.
"Term length Eight years, non-renewable
Inaugural holder "Wim Duisenberg
Formation June 1, 1998; 19 years ago (1998-06-01)
Deputy "Vice President of the European Central Bank
Salary €396,900 p.a. (2017)[1]
Website www.ecb.europa.eu

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).


Role and appointment[edit]

The President heads the executive board, governing council and general council of the ECB. He also represents the bank abroad, for example at the "G20. 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.[2] However the first President, Duisenberg, did not serve his full term (see below)



"Wim Duisenberg 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.

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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 Frenchman "Jean-Claude Trichet.[3] 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 31 July 2005.


"Jean-Claude 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 Sarkozy who demanded a more growth-orientated policy at the ECB. Germany supported Trichet in demanding the bank's independence be respected.[4]

However, he was also criticised from straying from his mandate during the crisis by buying the "government bonds 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.[5][6]

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.[5][6]

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.[7] He stated, in response to a question from a German newspaper attacking the ECB's credibility following its bond-buying;


Although "Axel Weber was tipped as one of the possible successors,[9] he resigned from the ECB in protest at the bail out policies. "Mario Draghi was chosen to become the next President of the ECB on 24 June 2011.[10] He is President as of 12 November 2017.

"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.


List of presidents since the establishment of the bank on 1 June 1998.

# President
State Took office Left office
1 ""Wim Duisenberg.jpg "Wim Duisenberg
 "Netherlands 1 June 1998 31 October 2003
Previously the Dutch "Minister of Finance, President of "De Nederlandsche Bank and President of the "European Monetary Institute.
2 ""Jean-Claude Trichet - World Economic Forum Annual Meeting Davos 2010.jpg "Jean-Claude Trichet
 "France 1 November 2003 31 October 2011
Previously a member of the "Group of Thirty and the Governor of the "Banque de France.
3 ""Mario Draghi 2013.jpeg "Mario Draghi
 "Italy 1 November 2011 Incumbent
Term expires 31 October 2019
Previously a managing director of "Goldman Sachs, executive Director of the "World Bank, Chairman of the "Financial Stability Board and Governor of the "Banca d'Italia.

Vice Presidents[edit]

Vice President "Christian Noyer 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.

# Vice President
State Took office Left Office
1 ""Christian Noyer 2008 (cropped).jpg "Christian Noyer
 "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 2011-11-11.jpg "Lucas Papademos
 "Greece 1 June 2002 31 May 2010
Previously the senior economist at the "Federal Reserve Bank of Boston chief economist and then Governor of the "Bank of Greece.
3 ""Vítor Constancio at Chatham House.jpg "Vítor Constâncio
 "Portugal 1 June 2010 Incumbent
Term expires 31 May 2018
Previously secretary-general of the "Socialist Party and Governor of the "Banco de Portugal.
4 ""Luis de Guindos 2012 (cropped).jpg "Luis de Guindos
 "Spain 1 June 2018 Taking office
Term expires in 2026
Previously Minister of Economy and Competitiveness of the Spanish government.


  1. ^ Atalaia, Rita. "Constâncio ganhou 340 mil euros no último ano no BCE". ECO. Retrieved 22 February 2018. 
  2. ^ Protocol 4 of the consolidated European treaties
  3. ^ "New ECB chief 'must be French'". BBC, Friday, 8 February 2002. Retrieved 9 April 2012. 
  4. ^ Murphy, Francois (23 September 2007). "Trichet brushes off French criticism of ECB". Reuters. Retrieved 26 June 2011. 
  5. ^ a b By Xavier Vidal-Folch (translated by Anton Baer) 6 October 2011 What it would have cost without Trichet, EL PAÍS, on "Presseurop
  6. ^ a b The euro crisis: Is anyone in charge?, The Economist 1 October 2011
  7. ^ Martin Banks - 4 October 2011 ECB chief calls for 'significant' new powers for EU Archived 20 October 2011 at the "Wayback Machine., the Parliament Magazine
  8. ^ Introductory statement to the press conference (with Q&A), ECB
  9. ^ Randow, Jana (9 February 2011). "Weber Throws ECB Race Open by Ruling Out Second Bundesbank Term". Bloomberg. Retrieved 26 June 2011. 
  10. ^ Baker, Luke (24 June 2011). "EU leaders appoint Mario Draghi as new ECB president | Reuters". Uk.reuters.com. Retrieved 26 June 2011. 

External links[edit]

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