ECB appoints new Director General Research

The Executive Board of the European Central Bank has appointed Mrs Lucrezia Reichlin, Professor of Economics at the Universite Libre de Bruxelles, Belgium, as Director General Research at the European Central Bank from 15 February 2005.

As well as being a Professor of Economics, Mrs Reichlin is currently a Houblon-Norman Senior Fellow at the Bank of England.

Mrs Reichlin will succeed Mr. Vitor Gaspar, who has held this position since September 1998. Mr Gaspar will, at his own request, return to

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