Jean-Claude Trichet

Jean-Claude Trichet (born 20 December 1942) is a French civil servant who is the current president of the European Central Bank, a position he has held since 2003. He is also a member of the Board of Directors of the Bank for International Settlements. Trichet ranks 5th onNewsweek's list of the world's most powerful along with economic triumvirs Ben Bernanke (4th) and Masaaki Shirakawa (6th).

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 asSciences 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.)

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

[edit]Banking scandal

In January 2003 Trichet was put on trial with 8 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.^[1]

[edit]2009 Banking Crisis

Trichet attributes the banking crisis of 2009 to an under-valuation of risk within the global financial community. He has called for a paradigm change in the global economy and reforms to reduce short-termism within the banks and an increase in transparency.

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