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February 14, 2001
Politics, Promises, Investigations Confuse Path to ECB's Top Spot By G. THOMAS SIMS Staff Reporter of THE WALL STREET JOURNAL FRANKFURT -- It may seem if as the euro had just arrived, but the question of leadership at the world's second most important central bank is set to become a messy issue. Wim Duisenberg, the European Central Bank's president, has promised to stay in office only through the introduction of euro cash early next year. And, the bank's vice president, Frenchman Christian Noyer, ends his term in summer 2002. Public wrangling over the bank's first presidency began seven months before Mr. Duisenberg started his job in June 1998. France started the debate by nominating its central bank governor, Jean-Claude Trichet, for what had been an uncontested presidency. The controversy ended only after Mr. Duisenberg said he probably wouldn't serve his full eight-year term because of his age and Mr. Trichet became heir-apparent. Leadership appointments this time around may be just as contentious. For one, Mr. Trichet is undergoing a lengthy investigation for his role at the French Treasury in dealings with Credit Lyonnais SA. Mr. Trichet probably won't be able to assume any office until the probe is completed. At the same time, though, French calls for Mr. Duisenberg's resignation could intensify with elections in France looming next year. It will be hard for French politicians to explain to the public why Mr. Noyer is returning home without one of his compatriots replacing him in a top position in Frankfurt. Because the European Central Bank cherishes its political independence, Mr. Duisenberg will be compelled to stay in office dur...