Dan Boyle
Question:56 Mr. Boyle asked the Minister for Finance the position he intends to take in relation to extending the term of office of the current President of the European Central Bank. [9749/03]
Written Answers - European Central Bank.
Olivia Mitchell
Question:66 Ms O. Mitchell asked the Minister for Finance his views on the process which should be adopted for the selection of a successor to Mr. Wim Duisenberg of the European Central Bank. [9650/03]
I propose to take Questions Nos. 56 and 66 together.
When the current ECB President Mr. Wim Duisenberg tendered his letter of resignation to the Secretary General of the European Council earlier this year, he indicated that while his preferred date for his resignation to come into effect would be 9 July 2003, his 68th birthday, he was agreeable to a later date being chosen.
Article 11.2 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank, clearly sets out the criteria under, and process by, which a successor to Mr. Duisenberg will be chosen. It states that the president, the vice-president and the other members of the executive board shall be appointed from among persons of recognised standing and professional experience in monetary or banking matters by common accord of the Governments of the member states at the level of Heads of State or Government, on a recommendation from the Council, after it has consulted the European Parliament and the governing council of the ECB.
Given, therefore, that the formal process of appointment for a new ECB president will take some time to complete, it would seem doubtful at this stage that the post could be filled by early July. It was, therefore, agreed unanimously during the special ECOFIN meeting which I attended on Saturday last, to propose to the Heads of State or Government that they ask Mr. Duisenberg to remain in his current position until a duly elected new president is appointed. Mr. Duisenberg indicated that he was willing to do so. In my view, this is a prudent measure.