President of the European Central Bank

President of the European Central Bank
Acting President of the European Central Bank Christine Lagarde since November 01, 2019
Official seat	Frankfurt am Main Germany , Germany
Term of office	8 years
Chairman of the	European Central Bank
Appointed by	the President of the European Commission with the majority approval of the European Council
Deputy	Luis de Guindos
website	[1]

The President of the European Central Bank is the head of the European Central Bank (ECB). This institution is responsible for the euro and monetary policy in the euro zone of the European Union .

The President chairs the Executive Board of the ECB, which manages the business of the ECB and is responsible for the implementation of the decisions of the Governing Council. He also represents the bank abroad, for example at the G20 summit. The President is elected by the European Council . The regular term of office is eight years; re-election is not permitted.

Controversy over the first occupation

The election of the first ECB president was fierce. While Germany supported Duisenberg, the French government spoke out in favor of Trichet. Jacques Chirac argued that France had been promised to head the ECB in return for the ECB's location in Frankfurt . Helmut Kohl contradicted this representation. The blockade was resolved by the fact that Duisenberg first received a French vice-president and agreed to only partially complete his term of office. Trichet would then follow him. Although Duisenberg was no longer bound by such a commitment after his election and always communicated this and refused to resign, he nevertheless resigned for reasons of age towards the middle of his term of office.

organization structure

President

In the history of the ECB there have been four ECB presidents so far.

Signatures by Duisenberg, Trichet and Draghi on a 10 euro note of the first series

	President (life dates)		EU country	Beginning of the term of office	Term expires
1		Wim Duisenberg (1935-2005)	Netherlands	June 01, 1998	October 31, 2003
			Previously Dutch Finance Minister , President of De Nederlandsche Bank and President of the European Monetary Institute .
2		Jean-Claude Trichet (1942–)	France	November 01, 2003	October 31, 2011
			Previously a member of the Group of Thirty and President of the Banque de France .
3		Mario Draghi (1947-)	Italy	November 01, 2011	October 31, 2019
			Previously Managing Director and Vice President of Goldman Sachs , Executive Director of the World Bank , Chairman of the Financial Stability Board and Governor of the Italian Central Bank .
4th		Christine Lagarde (1956-)	France	November 01, 2019	Acting term of office ends on: October 31, 2027
			Previously Minister for Foreign Trade in the de Villepin Government , Minister for Agriculture and Fisheries in the Fillon I Cabinet , Minister for Economic Affairs and Finance in the Fillon II Cabinet , Director of the IMF .

Vice President

Christian Noyer was only appointed for four years, so his resignation coincides with the expected resignation of Duisenberg. His successors, beginning with Lucas Papademos , have a term of eight years.

	Vice President (life data)		EU country	Beginning of the term of office	Term expires
1		Christian Noyer (1950–)	France	June 01, 1998	May 31, 2002
			Previously civil servant, advisor and head of the treasury in the French Ministry of Finance .
2		Lucas Papademos (1947–)	Greece	June 01, 2002	May 31, 2010
			Previously Senior Economist at the Federal Reserve Bank of Boston , Chief Economist and then Governor of the Bank of Greece .
3		Vítor Constâncio (1943–)	Portugal	June 01, 2010	May 31, 2018
			Previously General Secretary of the Socialist Party and Governor of the Banco de Portugal .
4th		Luis de Guindos (1960–)	Spain	June 01, 2018	Current term of office ends: May 31, 2026
			Previously Minister for Economy and Competitiveness in the Spanish Government.

salary

The basic salary of the President in 2017 was 396,900 euros gross and that of the Vice President was 340,200 euros gross.

Web links

• Internet presence of the ECB Executive Board

Individual evidence

1. ↑ Protocol 4 of the consolidated European treaties
2. ↑ EUROPE: Deal for Duisenberg. In: Spiegel online . December 1, 1997, accessed October 25, 2018 . 
3. ↑ ECB chief wants to wait for 68th birthday. In: Handelsblatt online . February 7, 2002, accessed October 25, 2018 . 
4. ↑ ECB Annual Report 2017 (PDF; 3.5 MB) In: Bundesbank Publications. April 9, 2018, p. 187 , accessed July 3, 2019 .