Kathmandu: Jean-Claude Trichet is to be the new president of the European Central Bank.

On November 1st. the Frenchman Jean-Claude Trichet, 60, is to succeed Wim Duisenberg, 68, from the Netherlands, as president of the European Central Bank, ECB, reports German Magazine Deutschland in its October/November issue.

It had already been unofficially agreed that Trichet would be Duisenberg’s successor when the latter was appointed as the first ECB President in 1998.

Up to now, however, this switch has been blocked by the allegation that Trichet was implicated in the accounting scandal at the French central bank Credit Lyonnais.

The French central bank President was acquitted of this charge in June this year.

The EU’s heads of State and Government intend to announce the official appointment of Trichet at their next Summit meeting this October.

Germany and France have already signaled their support in favor of Trichet.

Trichet is regarded as a highly qualified economist and experienced monetary politician and enjoys a high reputation in the international circles.

He is a career civil servant, graduated from the French elite university, ENA, and joined President Giscard d’Estaing’s advisory staff in 1978.

He has been at the helm of the French since 1993, where he has gained a reputation as “Monsieur franc fort”.

He is credited with having stabilised the French currency and cut the inflation rate and has untiringly promoted the Euro.