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Row brewing over ECB boss
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December 30, 1998: 9:11 a.m. ET
Duisenberg says he won't stand down as agreed, likely to infuriate France
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LONDON (CNNfn) - A battle is brewing over the head of the European Central Bank Wednesday, just days before the launch of Europe's single currency.
In an interview with French newspaper Le Monde, ECB president Wim Duisenberg stated categorically that he would not be stepping down midway through his eight-year term.
A compromise deal was brokered in May when Duisenberg was appointed, after the French objected to having the Dutchman as the head of the bank.
They wanted their own man to have the job-- Jean-Claude Trichet, governor of the Bank of France.
Although Duisenberg was appointed for an eight-year term, an (unwritten) compromise was agreed upon, permitting him to retire in four years, and allowing Trichet to head the bank for four years.
When asked whether he would step down in four years, Duisenberg told Le Monde, "I wish you had not asked me that question, the answer is no."
The new development seems sure to infuriate the French. Previously Duisenberg had said he would not step down before euro notes and coins are introduced in 2002.
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European Central Bank
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