When will Wim Duisenberg retire as ECB president?

Wim Duisenberg, announced on Thursday that he will retire as president of the European Central Bank on July 9, 2003. Mr Duisenberg has prolonged his stay in office by 12 months longer than many initially assumed. He has always denied reports that he promised France that he would retire halfway through his eight-year term, which was due to expire in 2006.

Who will be the next European Central Bank president? Jean-Claude Trichet, the Bank of France governor, is the frontrunner. While it is still possible his chances will be dashed by the French judicial investigation into the Credit Lyonnais bank scandal in the 1990s, he has never been formally accused of anything. French political leaders hope the inquiry will clear his name.

Who chooses the ECB president?

EU heads of government or state, after consulting the ECB's 18-member policymaking Governing Council and the European parliament. The process is highly political, although the ECB is extremely protective of its independence from political pressure as far as concerns the conduct of monetary policy.

When will Christian Noyer of France step down as ECB vice-president?

His four-year term expires on May 31.

Who will replace him?

Once again, EU leaders will make the choice. Most likely, they will pick someone already on the ECB's Governing Council, although probably not Mr Trichet. If he became vice-president, thus joining the ECB's six-strong Executive Board, it would be difficult for him to move up to the ECB presidency. The EU's Maastricht Treaty says any vacancy on the ECB's board - which includes the president, vice-president and four others - must be filled by a new member. A strict reading of the treaty implies that no board member can switch to another board job such as the presidency.

Could a board member replace Mr Noyer as vice-president, with Mr Trichet joining the board as a prelude to assuming the ECB presidency?

This would appear not to fit well with EU treaty requirements. But it is one scenario under discussion. It would keep France represented on the ECB board from June until Mr Duisenberg's retirement. And Hans Eichel, Germany's finance minister, said recently he supported the view that France should have a representative on the board. It is more likely that Mr Noyer will be replaced by either Tommaso Padoa-Schioppa of Italy or Sirkka Hamalainen of Finland, both board members.

Will all these impending changes affect the ECB's policy and reputation?

On policy, unlikely. But the ECB's image could be harmed if EU politicians fought publicly over the new appointments - as they did over the choice of Mr Duisenberg in 1998.

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