European Central Bank Agrees Posts
The Council agreed on the appointment of Wim Duisenberg, of the Netherlands’ central bank, as the first president of the European Central Bank (ECB). He stated his intention to step down before the end of his eight-year term of office; EU leaders came to an understanding that he would be succeeded by Jean-Claude Trichet of France’s central bank. The Council also agreed along on the nomination of Christian Noyer as ECB Vice-President, along with four other members of the ECB executive board. Following consultations with the European Parliament and the European Monetary Institute, these appointments are due to be confirmed by the heads of state or government of the countries participating in the third stage of EMU.