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Jean-Claude Trichet

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Jean-Claude Trichet
President of the European Central Bank
In office
1 November 2003 – 31 October 2011
Vice PresidentLucas Papademos
Vítor Constâncio
Preceded byWim Duisenberg
Succeeded byMario Draghi
Governor of the Bank of France
In office
September 1993 – 1 November 2003
Preceded byJacques de Larosière
Succeeded byChristian Noyer
Bruegel Chairman
In office
April 2012 – April 2015
Preceded byLeszek Balcerowicz
Personal details
Born (1942-12-20) 20 December 1942 (age 81)
Lyon, France
Alma materÉcole nationale supérieure des mines de Nancy
Institut d'Études Politiques de Paris
École nationale d'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. In 2008, Trichet ranked fifth on Newsweek’s list of the world's most powerful along with economic triumvirs Ben Bernanke (fourth) and Masaaki Shirakawa (sixth).[1]

Biography

Born in Lyon, France of a Jewish[citation needed] family, 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])

On 1/26/2012, the board of the European Aeronautic Defence and Space Company approved the nomination of JC Trichet to the Board (to be formally validated by the General Assembly of shareholders on 5/31/12), where he will represent (with Dominique d’Hinnin of the Lagardère Group) the Sogeade - the structure bearing the French shareholders' interests.[2][3]

On April 2012, Trichet was also appointed Bruegel's new chairman for a period of three years.[4] He will chair an 11-member Board, appointed by Bruegel’s members, whose main task is to make decisions on the think-tank’s strategy.

Trichet succeeded Mario Monti as chairman of the European branch of the Trilateral Commission in 2012.[5]

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.[6]

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.[7]

Criticism

Trichet has been criticised for the ECB's response to the Great Recession, which emphasised price stability over recovery and growth.[8][9]

Personal life

At age 22, he married Aline Rybalka, a diplomat and translator whose parents immigrated to France from Ukraine. They have two sons: Pierre-Alexis Trichet (born 1972), a marketing strategy director at telecommunications company Orange SA; and Jean-Nicolas Trichet (born 1974), a musician and producer.[10]

Honours and awards

References

  1. ^ "Economic Triumvirate: 4. Ben Bernanke 5. Jean-Claude Trichet 6. Masaaki Shirakawa". Newsweek. 20 December 2008. Retrieved 20 March 2011.
  2. ^ http://bourse.lefigaro.fr/indices-actions/actu-conseils/jean-claude-trichet-devient-administrateur-d-eads-58750 lefigaro.fr 1/26/2012
  3. ^ http://www.nytimes.com/2012/01/27/business/global/trichet-likely-to-join-board-of-airbus-parent.html nytimes.com, 1/26/2012
  4. ^ http://www.europeanvoice.com/article/2012/march/trichet-named-head-of-think-tank/74087.aspx
  5. ^ "About the Trilateral Commission - European Region". www.trilateral.org. Retrieved 3 April 2013.
  6. ^ "Top Euro banker cleared of scandal cover-up". BBC News. 18 June 2003. Retrieved 15 August 2007.
  7. ^ Landon Thomas Jr.; Stephen Castle (5 November 2011). "The Denials That Trapped Greece". The New York Times. Retrieved 5 November 2011.
  8. ^ "An Impeccable Disaster". New York Times. 11 September 2011. Retrieved 12 September 2011.
  9. ^ Paul Krugman (1 December 2011). "The Summer of Confidence". The Conscience of a Liberal. The New York Times. Retrieved 4 December 2011.
  10. ^ Bloomberg: "Trichet Proving Prophet-Making No Panacea in Recovery" By Simon Kennedy and Jana Randow August 21, 2009
  11. ^ "ECB-president Trichet ontvangt koninklijke onderscheiding". Government of the Netherlands. 21 January 2011. Retrieved 4 May 2013.
  12. ^ Postanowienie Prezydenta Rzeczypospolitej Polskiej dnia 31 sierpnia 2011 r. (M.P. Nr 108, poz. 1090)
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Business positions
Preceded by Governor of the Bank of France
1993–2003 		Succeeded by
Preceded by President of the European Central Bank
2003–2011 		Succeeded by

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