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His ExcellencyWim Duisenberg | |
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Duisenberg in 2001 | |
President of the European Central Bank | |
In office 1 June 1998 – 31 October 2003 | |
Vice President | Christian Noyer Lucas Papademos |
Preceded by | Position established |
Succeeded by | Jean-Claude Trichet |
President of the European Monetary Institute | |
In office 1 July 1997 – 1 June 1998 | |
Preceded by | Alexandre Lamfalussy |
Succeeded by | Position abolished |
President and Chairman of the Bank for International Settlements | |
In office 1 January 1994 – 1 July 1997 | |
General-Manager | Andrew Crockett |
Preceded by | Bengt Dennis |
Succeeded by | Alfons Verplaetse |
In office 1 January 1988 – 31 December 1990 | |
General-Manager | Alexandre Lamfalussy |
Preceded by | Jean Godeaux |
Succeeded by | Bengt Dennis |
President of De Nederlandsche Bank | |
In office 1 January 1982 – 1 July 1997 | |
Preceded by | Jelle Zijlstra |
Succeeded by | Nout Wellink |
Member of the House of Representatives | |
In office 16 January 1978 – 28 June 1978 | |
In office 8 June 1977 – 8 September 1977 | |
Parliamentary group | Labour Party |
Minister of Finance | |
In office 11 May 1973 – 19 December 1977 | |
Prime Minister | Joop den Uyl |
Preceded by | Roelof Nelissen |
Succeeded by | Frans Andriessen |
Personal details | |
Born | Willem Frederik Duisenberg (1935-07-09)9 July 1935 Heerenveen, Netherlands |
Died | 31 July 2005(2005-07-31) (aged 70) Faucon, France |
Cause of death | Drowning |
Political party | Labour Party (from 1959) |
Spouses |
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Children | Pieter Duisenberg (born 1967) one other son and daughter |
Alma mater | University of Groningen (BEc, M.Econ, PhD) |
Occupation |
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Signature | |
Willem Frederik "Wim" Duisenberg (Dutch: [ˈʋɪləɱ ˈfreːdərɪk ʋɪm ˈdœysə(m)bɛr(ə)x] ; 9 July 1935 – 31 July 2005) was a Dutch politician and economist who served as President of the European Central Bank from 1 June 1998 until 31 October 2003. He was a member of the Labour Party (PvdA).
Duisenberg studied Economics at the University of Groningen obtaining a Master of Economics degree and worked as a researcher at his alma mater before finishing his thesis and graduated as a Doctor of Philosophy in Development economics. Duisenberg worked as a financial analyst for the International Monetary Fund (IMF) from January 1966 until March 1969 and as an economist for the Dutch central bank (DNB) from March 1969 until February 1970. Duisenberg worked as a professor of Macroeconomics at the University of Amsterdam from February 1970 until May 1973. After the election of 1972 Duisenberg was appointed as Minister of Finance in the Cabinet Den Uyl taking office on 11 May 1973. The Cabinet Den Uyl fell just before the end of its term. After the election of 1977 Duisenberg was elected as a Member of the House of Representatives serving from 8 June 1977 until 8 September 1977 and again from 16 January 1978 and served as a frontbencher and spokesperson for Finances. In June 1978 Duisenberg unexpectedly announced his retirement and resigned from the House of Representatives on 28 June 1978. Duisenberg semi-retired from active politics at just 42 and became active in the private sector as a corporate director, and worked as a banker for the Rabobank. In November 1981 Duisenberg was nominated as the next President of the Central Bank taking office on 1 January 1982. In June 1997 Duisenberg was nominated as the next President of the European Monetary Institute (EMI), taking office on 1 July 1997. In May 1998 the EMI was reformed to the European Central Bank (ECB) with Duisenberg appointed as the first President of the European Central Bank serving from 1 June 1998 until 31 October 2003.
Duisenberg retired from active politics a second time at 68 and became active again in the private and public sectors as a corporate and non-profit director and served on several state commissions and councils on behalf of the government. Following his retirement Duisenberg continued to be active as an advocate and lobbyist for balanced governmental budgets, financial regulation and more European integration. Duisenberg was known for his abilities as a skillful manager and effective negotiator and continued to comment on political affairs until his death after suffering a heart attack and drowning in a swimming pool in July 2005 at the age of 70. He holds the distinction as the youngest-serving Dutch Minister of Finance at the age of 37 years, 306 days.
Early life and education
Willem Frederik Duisenberg was born on 9 July 1935 in the Frisian city of Heerenveen in the Netherlands. He was the son of Lammert Duisenberg, who was a waterworks supervisor, and Antje Ykema. He went to a public primary school in his hometown. He went to secondary school, first one year of Hogere Burgerschool and then gymnasium with natural sciences, also in Heerenveen. In 1954, Duisenberg moved to Haren. He studied at the University of Groningen in Groningen from 1954 to 1961, where he received his doctorandus degree (equivalent of Master of Science) cum laude in economics, majoring in international relations. He was a member of Groninger Studentencorps Vindicat atque Polit. In 1959, he became a member of the Labour Party. In 1960, he married Tine Stelling. In 1965, he obtained his doctor degree (equivalent of Doctor of Philosophy) with his thesis De economische gevolgen van de ontwapening (The economic consequences of the disarmament) under the supervision of professor F. J. de Jong.
Politics
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Duisenberg subsequently worked for the International Monetary Fund in Washington, D.C., for years followed by a year as an advisor to the director of the Nederlandsche Bank, the Dutch central bank in Amsterdam. He was then appointed a professor at the University of Amsterdam where he taught macroeconomics. From 1973 to 1977, Duisenberg was Minister of Finance under Prime Minister Joop den Uyl. Shortly afterwards, he gave up his seat in Parliament to become vice president of Rabobank, a Dutch bank. Two years later, he was appointed director of the Nederlandsche Bank, serving as its president from 1982 to 1997. His tenure at the Dutch central bank was marked by caution and reserve. Under his direction, the Dutch guilder was linked to the German Deutsche Mark; this benefited the Dutch economy, owing to the strength of the German currency. He also followed German central bank's interest rate policies closely, which earned him the nickname "Mr. Fifteen Minutes" because he quickly followed any interest rate changes made by the Deutsche Bundesbank.
First president of the European Central Bank
Main article: Introduction of the euroOwing to the success of his monetary policy, he became well known in other European countries, and this led to his appointment in 1998 as the first president of the new European Central Bank in Frankfurt, much to the chagrin of France, who wanted a French candidate. A compromise was agreed upon (although publicly denied by all parties) whereby Duisenberg would serve for at least four years, upon which the Frenchman Jean-Claude Trichet, director of the Banque de France, would take over. In 1999, Duisenberg received the Vision for Europe Award in recognition of his efforts toward the unification of Europe.
During his tenure at the bank, Duisenberg was known for his cautious monetary policy and for defending the euro through its early years. He sometimes frustrated investors and politicians by sticking to the bank's inflation-fighting stance, keeping rates higher than some would have liked. "I hear, but I don't listen" to such pleas, was one of his typically blunt responses. Duisenberg repeatedly said it was up to European governments to pursue structural changes such as loosening rigid rules on hiring and firing personnel if they wanted more growth. Duisenberg announced he would retire on 9 July 2003 (his 69th birthday), but he remained in office until Trichet was cleared of charges of fraud in connection with the collapse of the French bank Crédit Lyonnais. Trichet took over presidency of the ECB on 1 November 2003.
Death
Duisenberg died in 2005 at the age of 70 while on vacation at his villa in Faucon near Orange, France. He drowned in his swimming pool after suffering a heart attack. A commemoration service was held on 6 August 2005 in the Amsterdam Concertgebouw. Duisenberg was buried later that day in the Zorgvlied cemetery in Amsterdam.
Decorations
- Order of the Netherlands Lion (Netherlands)
- Knight (11 April 1978)
- Commander (17 June 1997)
- Commander of the Order of Orange-Nassau (Netherlands)
- Knight Grand Cross of the Order of Isabella the Catholic
- Honorary doctorate in Economics from the University of Amsterdam (8 January 2001)
See also
References
- "Wim Duisenberg (70) overleden". RTL Nieuws. 2005.
- "Zalm op een na beste minister van Financiën" (in Dutch). Trouw. 1 November 2006. Retrieved 21 July 2017.
- "Verkiezing van de Beste Minister van Financiën" (in Dutch). Historisch Nieuwsblad. 15 May 2009. Retrieved 21 July 2017.
- ^ Dr. W.F. (Wim) Duisenberg (in Dutch), Parlement & Politiek. Retrieved 5 September 2015.
- "Duisenberg: wetenschapper, minister, centraal bankier en bemiddelaar" (in Dutch), NRC Handelsblad, 2005. Retrieved 6 September 2015.
- "Former Steering Committee Members". bilderbergmeetings.org. Bilderberg Group. Archived from the original on 2 February 2014. Retrieved 8 February 2014.
- "Obituary: Wim Duisenberg", BBC News, 2005.
- Mark Landler, "New York Times Obituary: Wim Duisenberg", The New York Times, 2005. Retrieved 16 June 2015.
External links
- Media related to Wim Duisenberg at Wikimedia Commons
Political offices | ||
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Preceded byRoelof Nelissen | Minister of Finance 1973–1977 |
Succeeded byFrans Andriessen |
Government offices | ||
Preceded byJelle Zijlstra | President of the Central Bank of the Netherlands 1982–1997 |
Succeeded byNout Wellink |
Preceded byAlexandre Lamfalussy | President of the European Monetary Institute 1997–1998 |
Position abolished |
New office | President of the European Central Bank 1998–2003 |
Succeeded byJean-Claude Trichet |
Diplomatic posts | ||
Preceded byJean Godeaux | President and Chair of the Bank for International Settlements 1988–1990 |
Succeeded byBengt Dennis |
Preceded byBengt Dennis | President and Chair of the Bank for International Settlements 1994–1997 |
Succeeded byAlfons Verplaetse |
Executive Board of the European Central Bank | ||
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Presidents |
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Current Members | ||
Former Members |
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1 = President 2 = Vice President 3 = Chief Economist |
- 1935 births
- 2005 deaths
- Commanders of the Order of Orange-Nassau
- Commanders of the Order of the Netherlands Lion
- Deaths by drowning in France
- Dutch development economists
- Dutch bankers
- Dutch business theorists
- Dutch business writers
- Dutch chief executives in the finance industry
- Dutch corporate directors
- Dutch expatriates in Germany
- Dutch expatriates in the United States
- Dutch financial advisors
- Dutch financial analysts
- Dutch financial writers
- Dutch officials of the European Union
- Financial economists
- Financial planners
- Grand Crosses 1st class of the Order of Merit of the Federal Republic of Germany
- International economists
- Labour Party (Netherlands) politicians
- Macroeconomists
- Members of the House of Representatives (Netherlands)
- Members of the Social and Economic Council
- Members of the Steering Committee of the Bilderberg Group
- Ministers of finance of the Netherlands
- Monetarists
- Monetary economists
- People from Heerenveen
- Presidents of the Central Bank of the Netherlands
- Presidents of the European Central Bank
- Academic staff of the University of Amsterdam
- University of Groningen alumni
- Academic staff of the University of Groningen
- 20th-century Dutch businesspeople
- 20th-century Dutch civil servants
- 20th-century Dutch economists
- 20th-century Dutch educators
- 20th-century Dutch male writers
- 20th-century Dutch politicians
- 21st-century Dutch politicians