January 2, 2009 / 2:46 PM / 11 years ago

FACTBOX-ECB Governing Council: Who's Who?

 Jan. 2 (Reuters) - The European Central Bank's Governing
Council swelled to 22 members on Jan. 1 when Slovakia became the
16th country to adopt the euro.
 Following is a Who's Who of policymakers on the ECB's
Governing Council, which sets policy and decides on interest
rates for the countries using the single currency. 
 The Governing Council consists of the six Executive Board
members, plus national central bank governors from each of the
16 euro zone countries.
 The six Executive Board members are appointed by EU leaders
and are responsible for the day to day running of the euro
 Born: Dec. 20, 1942, Lyon, France
 In office since: Nov. 1, 2003
 Term ends: Oct. 31, 2011
 Title: President
 Responsibilities on Executive Board: Communications,
Internal Audit; Secretariat and language services
 Background: As Bank of France Governor (1993 to 2003),
Trichet pressed for government budget discipline, fending off
politicians and top businessmen used to bossing the central bank
around. He also copied the German Bundesbank's anti-inflation
policies. This won him market respect and brought credibility to
the French currency, earning Trichet the nickname "Ayatollah of
the strong franc".
 Trichet studied civil engineering and holds a master's
degree in economics. He followed a traditional political career
after attending the elite Ecole Nationale d'Administration (ENA)
which has trained generations of French presidents, ministers
and civil service mandarins.
 He rose to head the French Treasury in 1987 before becoming
Bank of France governor in September 1993. Trichet gathered
experience as an international financial policymaker during
those years, holding posts at the International Monetary Fund,
the World Bank and the Paris Club that coordinates sovereign
debt restructuring.
 Born: Oct. 11 1947, Athens, Greece
 In office since: June 1, 2002
 Term ends: May 31, 2010
 Title: Vice President
 Responsibilities on Executive Board: Financial stability and
supervision; Research 
 Background: As head of Greece's central bank from 1994-2002,
Papademos helped turn his country away from rocketing inflation
and high government spending to monetary and fiscal discipline,
which earned Greece entry into monetary union far earlier than
many had expected. He became a Governing Council member of the
ECB in January 2001 when Greece joined the euro.
 Before joining the Bank of Greece in 1985, Papademos taught
economics at Columbia University in New York and worked as a
senior economist at the Federal Reserve Bank of Boston. He holds
an undergraduate degree in physics and a doctorate in economics
from the Massachusetts Institute of Technology.
 Papademos is viewed as a centrist with a practical tilt --
one who has a deep grasp of demand-side economics and the real
economy, which he colours with monetary analysis.
 Born: Aug. 9, 1959, Madrid, Spain
 In office since: June 1, 2004
 Term ends: May 31, 2012
 Title: Executive Board member
 Responsibilities on Executive Board: Banknotes; Statistics;
Market operations 
 Background: Gonzalez-Paramo is a budgetary hawk with a
reputation for economic orthodoxy and has strong academic
credentials. Until joining the ECB he divided his time between
the Bank of Spain, where he has been an executive board member
since 1998, and the Complutense University, where he has been
professor of public finance since 1988.
 Gonzalez-Paramo has a doctorate in economics from New York's
Columbia University, where he was a Fulbright scholar.
 Born: Nov. 29, 1956, Florence, Italy
 In office since: June 1, 2005
 Term ends: May 31, 2013
 Title: Executive Board member
 Responsibilities on Executive Board: International and
European Relations; ECB Permanent Representation in Washington
D.C.; General administration; General legal services.
 Bini Smaghi was seen as a pragmatist when he succeeded
fellow Italian Tommaso Padoa-Schioppa in 2005. An easy
communicator, he has a more approachable manner than is normal
for central bankers and is well known to Italian journalists.
 Bini Smaghi has a doctorate in economics from the University
of Chicago and worked at the ECB in 1998 as deputy director
general for research. Before that he spent four years at the
European Monetary Institute, the ECB's forerunner. There he was
in charge of preparing the ECB's bank supervision, payment
systems and market intervention arrangements.
 From 1998 to 2005 he was Italy's finance deputy for the
Group of Seven industrial nations and vice president of a
committee which prepares the agenda for monthly meetings of euro
zone finance ministers.
 Born: Nov. 11, 1952, Kapelln, Austria
 In office since: June 1, 2003
 Term ends: May 31, 2011
 Title: Executive Board member
 Responsibilities on Executive Board: Human resources, budget
and organisation; Payment systems and market infrastructure 
 Background: Tumpel-Gugerell is a career central banker, who
joined the Austrian central bank in 1975, while also spending
stints at the IMF and as a government adviser. She holds a
doctorate in economics and social sciences from the University
of Vienna.
 She became vice governor of the Austrian central bank in
1998. At the ECB she has been a passionate advocate of
integrating the European payment and financial systems.
 Born: May 31, 1948, in Gau-Odernheim, Rhineland-Palatinate,
 In office since: June 1, 2006 
 Term ends: May 31, 2014 
 Title: Executive Board member
 Responsibilities: Economics; Information systems 
 Background: A forceful advocate of following Maastricht
Treaty rules, he argues for budget discipline and strict
adherence to price stability. He is viewed as an inflation
hardliner who helps keep the Bundesbank monetarist tradition
alive at the ECB.
 Named Bundesbank vice president in 1998, he has broad
experience in international issues working as its advance man
for G7 meetings, works on the EU's economic and finance
committee and sits on the ECB's international relations
committee. He also sits on the Financial Stability Forum, which
monitors global financial risks.
 Stark has a doctorate in economics and joined the German
economics ministry in 1978 and then the finance ministry before
he became a central banker.
 Following are the 16 euro zone country representatives:
 Ewald Nowotny, Governor, Austrian central bank
 Born: June 28,  1944, Vienna, Austria
 In office since: Sept. 1, 2008
 Term ends: Aug. 31, 2013 
 Guy Quaden, Governor, National Bank of Belgium
 Born: Aug. 5, 1945, Liege, Belgium
 In office since: March 1, 1999
 Term ends: 2009 (renewable without limit)
 Athanasios Orphanides, Governor, Central Bank of Cyprus
 Born: 22 March 1962, Brno, Czech Republic
 In office since: 2 May 2007
 Term expires: May 2012
 Erkki Liikanen, Governor, Bank of Finland     
 Born: Sept. 19, 1950
 In office since: July 12, 2004
 Term ends: July 2011 
 Christian Noyer, Governor, Bank of France     
 Born: Oct. 6, 1950, Soisy, France     
 In office from: Nov. 1, 2003     
 Term ends: Oct. 31, 2009 (renewable once)
 Axel Weber, President, Deutsche Bundesbank     
 Born: March 8, 1957     
 In office since: April 30, 2004     
 Term ends: April 2012 (renewable)
 George Provopoulos, Governor, Bank of Greece    
 Born: April 20, 1950, Piraeus, Greece     
 In office since: June 20, 2008     
 Term ends: June, 2014 
 John Hurley, Governor, Central Bank of Ireland     
 Born: Aug. 24, 1945, Mallow, Ireland     
 In office since: March 11, 2002     
 Term expires: March 10, 2009 (renewable)
 Mario Draghi, Governor, Bank of Italy
 Born: Sept. 3, 1947, Rome
 In office since: Jan. 16, 2006
 Term expires: 2012 (six-year term, renewable)
 Yves Mersch, Governor, Central bank of Luxembourg
 Born: Oct. 1, 1949, Luxembourg City
 In office since: June 1, 1998
 Term expires: May 31, 2010 (renewable with no limit)
 Michael Bonello, Governor, Central bank of Malta
 Born: 17 July 1945, Malta 
 In office since: Oct. 1, 1999 
 Term expires: Sept. 30, 2013
 Nout Wellink, President, Dutch central bank
 Born: Aug. 27, 1943, Bredevoort, Netherlands
 In office since: July 1, 1997
 Term expires: June 30, 2011 (renewable)
 Vitor Constancio, Governor, Bank of Portugal
 Born: Oct. 12, 1943
 In office since: March 2000
 Term expires: March 2011 (renewable five-year terms)
 Ivan Sramko, Governor, National Bank of Slovakia
 Born: Sept. 3, 1957
 In office since: Jan, 1, 2005
 Term expires: Dec. 31, 2010
 Miguel Angel Fernandez Ordonez, Governor, Bank of Spain
 Born: April 3, 1945, Madrid
 In office since: July 13, 2006
 Term expires: July 2012 (non-renewable)
 Marko Kranjec, Governor, Bank of Slovenia
 Born: April 12, 1940 
 In office since: June 16, 2007
 Term expires: June 15, 2013

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