Bonne chance, Mr Trichet

摘要

He has scarcely had the smoothest progress to the top, but now he is all but there. On November 1st Jean-Claude Trichet, head of the Bank of France, is due to succeed Wim Duisenberg as president of the European Central Bank (ECB). He has been heir-apparent for five years, following a deal (much trumpeted by the French, always denied by Mr Duisenberg) that the Dutchman would make way for him in the middle of his eight-year term. This year he had to wait while he stood trial, and was acquitted, over what he knew about the questionable accounts of Credit Lyonnais, a state-owned bank, when he ran the French treasury. The impression that Mr Trichet has been appointed as much for his nationality as for his ability should not obscure his qualities as a central banker. Just as well: in running the ECB, he will need them all. In one respect, Mr Trichet should carry on where his predecessor leaves off. Mr Duisenberg has regularly exhorted euro-zone governments to make their economies, especially their labour markets, more flexible. Jolly good: Mr Trichet, too, cannot say this often enough. In several other ways, however, Mr Trichet's ECB must do better than Mr Duisenberg's.