Jean-Claude Trichet

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From 1987, Trichet served as head of the Trésor public. In this capacity, he also chaired the Paris Club of creditor nations in the mid-1980s and was closely involved in debt problems that struck Latin America, Africa and the Middle East. He also became a member of Washington-based financial advisory body, the Group of Thirty. Soon after taking office at Trésor, Trichet oversaw the change to an anti-inflationary franc fort (strong franc) policy, to pave the way for currency union with Germany. In 1993, he led Trésor’s move to grant the Bank of France independence to set its own interest rates.

In 1993, Trichet was appointed governor of Banque de France. Both as director of the French Treasury and then governor of the Banque de France, he was widely seen as one of the architects of the European monetary union.

By 1997, Prime Minister Lionel Jospin and President Jacques Chirac proposed Trichet as France’s candidate for the position as president of the European Central Bank; this way they opposed Wim Duisenberg, the candidate preferred by the majority of the Eurozone members. Under a compromise laid out by German Finance Minister Theo Waigel, Duisenberg would resign midway through his eight-year term to make way for Trichet. On 1 November 2003 he succeeded Wim Duisenberg.

During his time in office, Trichet oversaw the ECB’s response to the European debt crisis, including its Securities Markets Programme to stem the crisis in eurozone government bond markets. In 2011, ECB board member Jürgen Stark resigned in what was widely seen as a protest against this policy.

On 28 January 2012, the board of the European Aeronautic Defence and Space Company approved Trichet’s nomination to the Board, where he represented (with Dominique d’Hinnin of the Lagardère Group) the French state’s holding company SOGEADE.

Trichet succeeded Mario Monti as chairman of the European branch of the Trilateral Commission in 2012.

Trichet was a member of the Eminent Persons Group on Global Financial Governance, which was established by the G20 Finance Ministers and Central Bank Governors for the period from 2017 to 2018. In early 2021, Trichet was appointed by the G20 to the High Level Independent Panel (HLIP) on financing the global commons for pandemic preparedness and response, co-chaired by Ngozi Okonjo-Iweala, Tharman Shanmugaratnam and Lawrence Summers.

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•  France: Commander of the Legion of Honour
•  France: Officer of the National Order of Merit
•  Germany: Grand Cross 1st Class of the Order of Merit of the Federal Republic of Germany (2011)
•  Hesse: Knight of the Hessian Order of Merit (2011)
•  Luxembourg: Vision for Europe Award, for his contributions toward greater European integration (2008)
•  Luxembourg: Collier de la Fondation du Mérite européen (6 March 2013)
•  Netherlands: Knight Grand Cross of the Order of Orange-Nassau (21 January 2011)
•  Poland: Grand Cross with Star of the Order of Merit of the Republic of Poland (2011).
•  Portugal: Grand Cross of the Order of Prince Henry (6 May 2010)
•  Bulgaria: Honorary Doctor of the University of National and World Economy in Sofia (2009)
•  Japan: Grand Cordon of the Order of the Rising Sun (2018)