Randzio-Plath: ECB president must decide when to quit

Date: 05/07/01

By Peter Chapman

THE chairman of the parliamentary committee which oversees the European Central Bank says speculation over when its pres-ident, Wim Duisenberg, will quit is hurting the value of the euro.

In an interview with European Voice, Christa Randzio-Plath also attacked publicity-seeking would-be candidates seeking to replace him, saying that their claims to have been approached for the job were "damaging".

Her comments follow a rash of rumours about the Dutchman's future. He is widely expected to quit next year, half way through his eight-year term, after the launch of euro notes and coins. "I think this whole debate is negative and counter-productive, not only for the person but also for monetary union and the euro," Randzio-Plath said. "He has to decide [when he is going]."

She said comments by Luxembourg Prime Minister Jean-Claude Juncker about being approached for the job added to the "negativity" surrounding the single currency, which has had a rough ride on exchange markets.

Randzio-Plath admitted she was not convinced that Juncker had been asked to take over. "I must say I am doubtful about that," she said.

Other leading contenders for the post are reported to include Jean Lemierre, head of the European Bank for Reconstruction and Development, ECB Vice-President Christian Noyer, Italian board member Tommaso Padoa-Schioppa and Bank of France governor Jean-Claude Trichet.

Paris has long claimed that there was a 'gentleman's agreement' that Duisenberg would step aside in 2002 for Trichet, but the Dutchman denies such a deal.

A legal probe into Trichet's role in alleged fraud at Credit Lyonnais has led to questions about his suitability. There are also legal doubts hinging on the interpretation of the Maastricht Treaty that could prevent current ECB board members from being considered.

The chairman of the parliamentary committee which oversees the European Central Bank says speculation over when its president, Wim Duisenberg, will quit is hurting the value of the euro.