President of the European Central Bank

President of the European Central Bank
Emblem of the European Central Bank
Incumbent Christine Lagarde since 1 November 2019
European Central Bank
Style	Madam President (ordinary) Her Excellency (diplomatic)
Member of	Executive Board Governing Council General Council
Reports to	European Parliament European Council Eurogroup
Residence	Seat of the European Central Bank
Seat	Frankfurt, Germany
Appointer	European Council
Term length	Eight years, non renewable
Constituting instrument	Treaties of the European Union
Precursor	President of the European Monetary Institute Euro area national central banks governors
Formation	1 June 1998; 26 years ago (1998-06-01)
First holder	Wim Duisenberg
Deputy	Vice-President
Salary	€421,308 per annum[1]
Website	ecb.europa.eu

The president of the European Central Bank is the head of the European Central Bank (ECB), the main institution responsible for the management of the euro and monetary policy in the Eurozone of the European Union (EU)

The current president of the European Central Bank is Christine Lagarde, previously the chair and managing director of the International Monetary Fund. Lagarde has served as the president of the ECB since 1 November 2019. She is the first woman to hold the post.

This article is part of a series on
Politics of the European Union
Member states (27)  Austria  Belgium  Bulgaria  Croatia  Cyprus  Czech Republic  Denmark  Estonia  Finland  France  Germany  Greece  Hungary  Ireland  Italy  Latvia  Lithuania  Luxembourg  Malta  Netherlands  Poland  Portugal  Romania  Slovakia  Slovenia  Spain  Sweden Candidate countries Albania Bosnia and Herzegovina Georgia Moldova Montenegro North Macedonia Serbia Ukraine Countries with suspended accession negotiations Turkey Applicant countries Kosovo Special territories Belgium–Germany relations France–Germany relations Germany–Netherlands relations EU 3 Withdrawal from the European Union
Treaties and Declarations Schuman Declaration (1950) Treaty of Paris (1951) Europe Declaration (1951) Spaak Report (1956) Treaty of Rome (1957) Euratom Treaty (1957) Merger Treaty (1965) Solemn Declaration (1983) Single European Act (1986) Maastricht Treaty (1992) Treaty of Amsterdam (1997) Treaty of Nice (2001) Berlin Declaration (2007) Treaty of Lisbon (2007) Article 7 Article 50 Opt-outs Treaties of accession 1972, 1979, 1985, 1994, 2003, 2005, 2011 Treaties of succession 1984, 2020 Other treaties Schengen Agreement (1985) European Economic Area Agreement (1992) Abandoned treaties and agreements European Constitution (2004) UK membership renegotiation (2015–2016)
Executive institutions European Council President: Michel (ALDE) Parties List of meetings European Commission Von der Leyen Commission President: Von der Leyen (EPP) Vice Presidents College of Commissioners Civil Service Secretary-General: Juhansone
Legislative institutions Legislative procedure Council of the EU Presidency Hungary (July–December 2024) Configurations GAC FAC ECOFIN Eurogroup AGRIFISH EPSCO COMPET TTE ENVI JHA EYC Voting Secretariat Secretary-General: Thérèse Blanchet Directorates-general Council preparatory bodies COREPER Council Working Parties European Parliament (Members) President: Metsola Largest groups EPP (Manfred Weber) S&D (Iratxe García) Member of the European Parliament 9th session (2019–2024) Bureau Vice Presidents Quaestor Conference National parliaments
Judicial institutions Court of Justice of the EU European Court of Justice Members Advocates General Rulings General Court
Auditory institutions European Court of Auditors European Court of Auditors Other auditory bodies Internal Audit Service of the Commission Committee on Budgetary Control of the Parliament Economic and Financial Affairs configuration of the Council Anti-Fraud Office Public Prosecutor's Office
European Central Bank President Lagarde ESCB EMU Euro banknotes Euro coins
Other bodies European Investment Bank Group Investment Bank Investment Fund EIB Institute European Stability Mechanism European Stability Mechanism European University Institute European University Institute Unified Patent Court Unified Patent Court Agencies, decentralised independent bodies and joint undertakings Decentralised agencies of the EU Single market agencies CFSP agencies AFSC agencies ESFS European Supervisory Authorities SRM bodies Executive agencies of the EU Euratom agencies Decentralised independent bodies of the EU European Institute of Innovation and Technology European Public Prosecutor's Office Corporate bodies of the EU European Data Protection Board Authority for European Political Parties and European Political Foundations Joint undertakings of the EU of the Euratom Other independent bodies European Data Protection Supervisor European Ombudsman Advisory bodies European Committee of the Regions European Economic and Social Committee Political and Security Committee European Union Military Committee EU/ESA Space Council Inter-institutional bodies Publications Office of the European Union European External Action Service European Personnel Selection Office Anti-Fraud Office European Administrative School
Euratom Euratom members  Austria  Belgium  Bulgaria  Croatia  Cyprus  Czech Republic  Denmark  Estonia  Finland  France  Germany  Greece  Hungary  Ireland  Italy  Latvia  Lithuania  Luxembourg  Malta  Netherlands  Poland  Portugal  Romania  Slovakia  Slovenia  Spain  Sweden Associated states  Switzerland  United Kingdom Nuclear power in the European Union
Economic and Monetary Union Eurozone members Austria Belgium Croatia Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Eurogroup President Paschal Donohoe Other currencies in use Bulgarian lev Czech koruna Danish krone Hungarian forint Polish złoty Romanian leu Swedish krona ERM II Enlargement of the eurozone Non Euro countries relationship to Euro Bulgaria Czechia Denmark Hungary Poland Sweden Romania
Schengen Area  Austria  Belgium  Bulgaria  Croatia  Czech Republic  Denmark  Estonia  Finland  France  Germany  Greece  Hungary  Italy  Latvia  Lithuania  Luxembourg  Malta  Netherlands  Poland  Portugal  Romania  Slovakia  Slovenia  Spain  Sweden Non-EU members  Iceland  Liechtenstein  Norway  Switzerland Prüm Convention Schengen Information System Visa Information System Visa policy of the Schengen Area Non-Schengen area EU member states  Cyprus  Ireland (Opt-out)
European Economic Area EEA members Austria Belgium Bulgaria Croatia (provisional member) Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden Non-EU members  Iceland  Liechtenstein  Norway Topics EEA Joint Committee EEA National Identity cards Microstates and the European Union
Elections Elections to the European Parliament European parties European foundations Political groups of the European Parliament Spitzenkandidat Constituencies Apportionment Referendums related to the EU European elections 1979 1984 1989 1994 1999 2004 2009 2014 2019 2024 (latest election) Elections in EU member states Austria Belgium Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden
Law Acquis Primacy (ECJ Case 6/64) Subsidiarity Regulation Directive Decision Recommendation Fundamental Rights
Policies and issues Budget Customs Union Free Trade Agreements European Single Market Area of FS&J Policies Agricultural Energy Fisheries Regional Citizenship Passports of the European Union Identity Pro-Europeanism Euroscepticism European banking union European Banking Supervision Single Resolution Mechanism Capital Markets Union European System of Financial Supervision Integration Supranationalism European Federation Multi-speed Europe Enhanced cooperation
Foreign relations High Representative Josep Borrell Ext. Action Service Foreign Policy Defence Policy Foreign relations of EU member states Austria Belgium Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden Argentina–European Union relations Armenia–European Union relations Australia–European Union relations Brazil–European Union relations Canada–European Union relations China–European Union relations European Union–NATO relations Georgia–European Union relations Iceland–European Union relations Kazakhstan–European Union relations Japan–European Union relations Mexico–European Union relations Moldova–European Union relations Norway–European Union relations Russia–European Union relations Switzerland–European Union relations Turkey–European Union relations Ukraine–European Union relations United Kingdom–European Union relations (History) Post-Brexit United Kingdom relations with the European Union Brexit United States–European Union relations Common Travel Area (Ireland) Microstates and the European Union European Union and the United Nations European Union Association Agreement G7 G20
Defunct bodies European Communities (1958–1993) European Coal and Steel Community European Economic Community European Community Western European Union Convention on the Future of Europe
European Union portal Other countries
v t e

The president heads the executive board, Governing Council and General Council of the ECB, and represents the bank abroad, for example at the G20. The officeholder is appointed by a qualified majority vote of the European Council, de facto by those who have adopted the euro, for an eight-year non-renewable term.^[2]

Wim Duisenberg was President of the European Monetary Institute (EMI) when it became the ECB, just prior to the launch of the Euro, on 1 June 1998. Duisenberg then became the first President of the ECB.

The French interpretation of the agreement made with the installation of Wim Duisenberg as ECB President was that Duisenberg would resign after just four years of his eight-year term, and would be replaced by the Frenchman Jean-Claude Trichet.^[3] Duisenberg always strongly denied that such an agreement was made and stated in February 2002 that he would stay in office until his 68th birthday on 9 July 2003.

In the meanwhile Jean-Claude Trichet was not cleared of legal accusations before 1 June 2002, so he was not able to begin his term after Duisenberg's first four years. Even on 9 July 2003 Trichet was not cleared, and therefore Duisenberg remained in office until 1 November 2003. Duisenberg died on 31 July 2005.

Jean-Claude Trichet became president in 2003 and served during the European sovereign debt crisis. Trichet's strengths lay in keeping consensus and visible calm in the ECB. During his tenure, Trichet has had to fend off criticism from French President Nicolas Sarkozy who demanded a more growth-orientated policy at the ECB. Germany Chancellor Angela Merkel supported Trichet in demanding the bank's independence be respected.^[4]

However, he was also criticised from straying from his mandate during the crisis by buying the government bonds of eurozone member states. ECB board members Axel A. Weber and Jürgen Stark resigned in protest at this policy, even if it helped prevent states from defaulting. IMF economist Pau Rabanal argued that Trichet "maintained a relatively expansionary monetary policy," but even "sacrificed the ECB's inflation target for the sake of greater economic growth and jobs creation, and not the other way round." While straying from his mandate, he has however still kept interest rates under control and maintained greater price stability than the Deutsche Bundesbank did before the euro.^[5][6]

As well as defending the ECB's independence and balancing its commitment to interest rates and economic stability, Trichet also fought Sarkozy for automatic sanctions in the EU fiscal reforms and opposite Merkel's against private sector involvement in bail outs so as not to scare the markets. He had however made some mistakes during the crisis, for example by: raising interest rates just after inflation topped out and just prior to the recession triggered by the Lehman Brothers collapse; also by its early timidity in buying eurozone state bonds.^[5][6]

In his final appearance (his 35th) before the European Parliament, Trichet called for more political unity, including; significant new powers to be granted to the ECB, the establishment of an executive branch with a European Finance Ministry and greater oversight powers for the European Parliament. He also asserted that the ECB's role in maintaining price stability throughout the financial crisis and the oil price rises should not be overlooked.^[7] He stated, in response to a question from a German newspaper attacking the ECB's credibility following its bond-buying;

...first, we were called to deliver price stability! ... We have delivered price stability over the first 12–13 years of the euro! Impeccably! I would like very much to hear some congratulations for this institution, which has delivered price stability in Germany over almost 13 years at approximately 1.55% - as the yearly average of inflation - we will recalculate the figure to the second decimal. This figure is better than any ever obtained in this country over a period of 13 years in the past 50 years. So, my first remark is this: we have a mandate and we deliver on our mandate! And we deliver in a way that is not only numerically convincing, but which is better than anything achieved in the past.

— Jean Claude Trichet at the European Parliament, 8 September 2011^[8]

Although Axel Weber was tipped as one of the possible successors,^[9] he resigned from the ECB in protest at the bail out policies. Mario Draghi was chosen to become the next President of the ECB on 24 June 2011.^[10] Draghi was president from 1 November 2011 until 31 October 2019 (succeeded by Christine Lagarde).

Pascal Canfin, Member of the European Parliament for France, asserted that Draghi had been involved in swaps for European governments, namely Greece, trying to disguise their countries' economic status. Draghi responded that the deals were "undertaken before my joining Goldman Sachs [and] I had nothing to do with" them, in the 2011 European Parliament nomination hearings.

In December 2011, Draghi oversaw a €489 billion ($640 billion), three-year loan program from the ECB to European banks. The program was around the same size as the US Troubled Asset Relief Program (2008) though still much smaller than the overall US response including the Federal Reserve's asset purchases and other actions of that time.

In February, 2012, a second, somewhat larger round of ECB loans to European banks was initiated under Draghi, called long term refinancing operation (LTRO). One commentator, Matthew Lynn, saw the ECB's injection of funds, along with Quantitative easing from the US Fed and the Asset Purchase Facility at the Bank of England, as feeding increases in oil prices in 2011 and 2012.^[11]

In July 2012, in the midst of renewed fears about sovereigns in the eurozone, Draghi stated in a panel discussion that the ECB "...is ready to do whatever it takes to preserve the Euro. And believe me, it will be enough."^[12] This statement led to a steady decline in bond yields (borrowing costs) for eurozone countries, in particular Spain, Italy and France. In light of slow political progress on solving the eurozone crisis, Draghi's statement has been seen as a key turning point in the fortunes of the Eurozone.^[13][14]

N.	Portrait	President (Born–Died)	State	Took office	Left office	Professional background
1		Wim Duisenberg (1935–2005)	Netherlands	1 June 1998	31 October 2003	Background Minister of Finance of the Netherlands; President of De Nederlandsche Bank; President of the European Monetary Institute, immediate ECB predecessor
				5 years, 153 days
2		Jean-Claude Trichet (born 1942)	France	1 November 2003	31 October 2011	Background General Director of the Treasury at the Ministry of Finance; Governor of the Bank of France
				8 years
3		Mario Draghi (born 1947)	Italy	1 November 2011	31 October 2019	Background Managing director of Goldman Sachs; Executive Director of the World Bank; Chairman of the Financial Stability Board; Governor of the Bank of Italy
				8 years
4		Christine Lagarde (born 1956)	France	1 November 2019	Incumbent	Background Minister of Commerce; Minister of Economy, Finance and Industry of France; Managing Director of the International Monetary Fund
				5 years, 11 days

N.	Portrait	Vice President (Born–Died)	State	Took office	Left office	Professional background
1		Christian Noyer (born 1950)	France	1 June 1998	31 May 2002[a]	Background A civil servant, advisor and Chief of Staff of the Minister of Economy and Finance; General Director of the Treasury at the Ministry of Finance of France
				4 years
2		Lucas Papademos (born 1947)	Greece	1 June 2002	31 May 2010	Background Senior Economist at the Federal Reserve Bank of Boston; Chief Economist and then Governor of the Bank of Greece
				8 years
3		Vítor Constâncio (born 1943)	Portugal	1 June 2010	31 May 2018	Background Minister of Finance; Governor of the Bank of Portugal
				8 years
4		Luis de Guindos (born 1960)	Spain	1 June 2018	Incumbent	Background Minister of Economy and Competitiveness; Minister of Industry of Spain
				6 years, 164 days

• Organisation of the ECB
  • President's CV
• EU Treaties; Section 6 Article 282 on ECB