Jean-Claude Trichet has taken over the responsibility for monetary policy in world’s second largest economic area; 16 member states of Eurozone now contribute some 15% of world GDP. European central bank traditionally has focused on controlling inflation rather than spurring economic growth and thus a bias is fiercely challenged by French president Nicolas Sarkozy.
Jean Claude Trichet Biography
Jean-Claude Trichet was born on 20 December 1942. He is a French civil servant. He remained president of the European central bank, a position, held by him since 2003. Trichet was born in Lyon, France. He was educated at the Ecoledes mines de Nancy. He later obtained training at the institute Detudes Politiques de paris (best known as sciences po) and the Ecole Nationale d’administration, two French higher education institutions in the field of political science and state administration.
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In 1987, Trichet became a member of an influential Washington-based financial advisory body, the group of thirty.
In 1993, he was appointed governor of Banque de France.
On 1 November 2003, he took Wim Duisenberg’s place president of the European central bank. However, a word was in circulation among most European union leaders present at a 1998 special summit that Wim Duisenberg had agreed to a compromise with the French representatives and would step down his office halfway through his eight- year term. In 2008, Trichet was awarded the vision for Europe award for his contributions towards greater European integration.
In January 2003, Trichet was put on trial with 8 others charged with irregularities at credit Lyonnais, one of France’s biggest banks. Trichet was in charge of the French treasury at that time. He was cleared in June 2003 and than he moved to the ECB.
Jean-Claude Trichet was born on 20 December 1942. He is a French civil servant. He held the position as the president of the European central bank, since 2003. He is also a member of the board of directors of the bank for international settlements. He ranked with economic triumvirs Ben Bernanke (4th) and Masaaki Shirakawa (6th). Trichet was born in Lyon, France and educated at the Ecole des mines de Nancy, later on, he got training at the institute D’etudes Politiques de Paris (best known as sciences PO) and the Ecole Nationale D’administration. These are the two French higher education institutions in the field of political science and state administrations. In 1987, Trichet got membership of an influential Washington-based financial advisory body, the group of thirty. In 1993, he was appointed governor of Banque de France. On 1 November 2003, he became the president of the European central bank.
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The 2009 Banking Crisis
Trichet rightly held that the banking crisis of 2009 to an under- valuation of risk with in the global financial community. He inspired upon a paradigm change in the global economy and reforms to reduce short-termism within the banks and an increase in transparency.