Editing Wim Duisenberg (section)

==First president of the European Central Bank==
{{Main|Introduction of the euro}}
Owing to the success of his monetary policy, he became well known in other European countries, and this led to his appointment in 1998 as the first president of the new European Central Bank in [[Frankfurt]], much to the chagrin of France, who wanted a French candidate.{{citation needed|date=September 2015}} A compromise was agreed upon (although publicly denied by all parties) whereby Duisenberg would serve for at least four years, upon which the Frenchman [[Jean-Claude Trichet]], director of the [[Banque de France]], would take over. In 1999, Duisenberg received the [[Vision for Europe Award]] in recognition of his efforts toward the unification of Europe.<ref>{{Cite web|url=http://www.bilderbergmeetings.org/former-steering-committee-members.html|title=Former Steering Committee Members|work=bilderbergmeetings.org|publisher=[[Bilderberg Group]]|access-date=8 February 2014|archive-date=2 February 2014|archive-url=https://web.archive.org/web/20140202095633/http://www.bilderbergmeetings.org/former-steering-committee-members.html|url-status=dead}}</ref>

During his tenure at the bank, Duisenberg was known for his cautious monetary policy and for defending the euro through its early years. He sometimes frustrated investors and politicians by sticking to the bank's inflation-fighting stance, keeping rates higher than some would have liked. ''"I hear, but I don't listen"'' to such pleas, was one of his typically blunt responses. Duisenberg repeatedly said it was up to European governments to pursue structural changes such as loosening rigid rules on hiring and firing personnel if they wanted more growth.{{citation needed|date=June 2015}} Duisenberg announced he would retire on 9 July 2003 (his 69th birthday), but he remained in office until Trichet was cleared of charges of fraud in connection with the collapse of the French bank [[Crédit Lyonnais]]. Trichet took over presidency of the ECB on 1 November 2003.{{citation needed|date=June 2015}}