Didier Reynders, Belgian finance minister, who had a strained relationship Mr Duisenberg when Mr Reynders chaired the eurogroup (the eurozone finance ministers) last year, welcomed the news as a "wise decision".

Rodrigo Rato, Spanish finance minister and current chair of the eurogroup said: "A decision will be taken on the basis of the quality of the candidates and on the collective decision of member states".

Jacques Chirac, French president, in a statement said: "the work carried out by the ECB since its creation has been remarkable... its president [has the] full support [of Mr Chirac] until the end of his mission".

Romano Prodi, EU president, in a statement said: "He has been a very fine president. Of course he will continue to work until July 9, 2003 and we will continue to work with him."