Trichet's nomination, ECB President to be approved

Source: European Parliament

On Tuesday morning, Parliament will debate the nomination of Jean-Claude TRICHET as the next President of the European Central Bank (ECB). The Economic and Monetary Affairs Committee has already held a hearing with Mr Trichet. Following the hearing, MEPs gave him their overwhelming backing: 20 votes in favour, 2 against and 4 abstentions. This vote has still to be ratified by Parliament's plenary.

During the hearing Mr Trichet was questioned at length on the need to revise the Stability and Growth Pact, the stance to be taken towards countries that exceed the 3% public deficit figure, the social impact of monetary policy, the differences between the situations of the USA and the EU, and the ECB's communication policy, which some MEPs accused of lacking transparency

Jean-Claude Trichet, who has been nominated by the European Council as the new President of the European Central Bank (ECB) is to succeed Wim DUISENBERG. Under Article 112 of the EC Treaty, Parliament must be consulted on the appointment of any new member of the Executive Board of the ECB.