Jean-Claude Trichet

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Why is He famous

As the outgoing President of the European Central Bank, Jean-Claude Trichet has been the most public face of the Euro for the past eight years. With this role has come the unenviable task in recent years of keeping the European currency afloat amid global recessions, increased lending and spiraling debts. Though he has taken a large number of hits in Western and European media for making price stability and inflation control a consistent backbone of his economic strategy, he has still taken the Euro further than many of its early naysayers anticipated. Now ready to hand over the ECB keys to his successor, Mario Draghi, the final word on the fate of Jean-Claude Trichet's legacy won't be apparent until the Euro and its supporting nations enjoy a healthy recovery -- or collapse under an unbearable wave of red ink.

Jean-Claude Trichet Quote

" Poems, like gold coins, are meant to last. They are both aspiring to inalterability, whilst they are destined to circulate from hand to hand and from mind to mind."

68 Magnetism

Does overseeing currency make an aging economist a hit with the ladies? Maybe not at the present time, but there's still reason to believe that in his day, Jean-Claude Trichet was an appealing catch. Coming from a French background with literary influences ranging from classic European poets to the prose of William Shakespeare, Jean-Claude Trichet still quotes them today in speeches, leading us to believe that he wouldn't have been shy about reciting sweet nothings to his conquests of choice in his younger days. One of those conquests, a translator of Ukranian descent named Aline Rybalka, panned out, and as a result, she and Jean-Claude Trichet have been married since he was 22. It's a testament to their adoration for each other (and Mr. Trichet's apparent charismatic ways) that they've remained an item even as his time has been consumed by a series of financial near-disasters. A demanding job such as his doesn't exactly lend itself (see what we did there?) to a great deal of free time, but even so, Jean-Claude Trichet has made the pursue the hobby of sailing. With his years at European Central Bank behind him, he can look forward to more poetry and sailing through the rest of his twilight years.

Success

Integration, unity and open dialogue have been hallmarks of Jean-Claude Trichet's vast adventures in the land of European currency. Using these principles as a few of his main guidelines, Jean-Claude Trichet's supporters have praised him for listening to all sides and keeping incredibly calm under enormous pressure. For all the discussion over his preference for inflation control, he has been effective in doing just that as witness to the dramatic decline of the French inflation rate on his watch. The world still waits with bated breath to see how the European economy will play out after his departure.

Provided his legacy ends with a positive outcome, Jean-Claude Trichet can look back fondly on many of the accolades he has received over his prosperous career. Some of the most notable ones include "Policy Maker of the Year" from The International Economy (twice), "Central Bank Governor of the Year" from Euromoney, "Person of the Year" from the Financial Times, as well as further decorations from Germany (Grand Cross 1st class of the Order of Merit) and the Netherlands (Knight Grand Cross of the Order of Orange-Naussau). It all adds up to a man who -- while clearly not without mistakes -- has clearly been a trailblazer across most of his career timeline.

Jean-Claude Trichet Biography

Jean-Claude Trichet grew up in a family that was greatly influenced by a love of mathematics and poetry, thanks to the efforts of his university professor father, Jean. His father's influence led the younger Trichet to study math, economics and mining engineering. He gained relevant experience through a job at a coal mine and familiarized himself with politics by actively working with the Socialist Party.

By the time he had maximized his educational pursuits at the University of Paris and the Paris Institute of Political Studies, he joined other government hopefuls at L'Ecole Nationale d'Administration and was well on his way to a career in the public sector.

Success came easily for Jean-Claude Trichet at L'Ecole Nationale d'Administration and after his academic ranking put him fifth among his peers, he was selected in 1971 for a prime job as an financial inspector. In 1975, he joined the French Treasury and over the next 10 years, he expanded his knowledge and influence in several positions, including serving on the Interministerial Committee for Improving Industrial Structures as the Secretary General and taking on the role of Adviser to both the Minister for Economic Affairs and later to the President of the Republic on industry, energy and research.

By 1985, he was in the role of International Affairs Chief and arranged debt schedules for foreign governments by overseeing a crediting organization called the Paris Club.

Jean-Claude Trichet becomes Head of the French Treasury

After his success at every step of the way, Jean-Claude Trichet was chosen in 1987 to serve as Head of the French Treasury. In this capacity, he encouraged open dialogue and diplomacy among his peers and invited any employee to share their opinions on financial policies that were in place. In this role, Jean-Claude Trichet was instrumental in spearheading a massive adjustment to the country's inflation rate, lowering it from 5.8% to 0.7% over a 13-year period that coincided with his new role with the Bank of France as Governor for two consecutive terms.

As he became a more prominent economic figure, Jean-Claude Trichet's level of influence grew further across Europe. Through his efforts to create the necessary paperwork (in the form of the Maastricht Treaty), his initiatives helped introduce the Euro as the eurozone currency in 1999. With the introduction of the Euro came the coveted position of President of the European Central Bank. Wim Duisenberg held the role initially, but after he stepped down in 2003, Jean-Claude Trichet was chosen to replace him. A trial involving Jean-Claude Trichet and Credit Lyonnais threatened to derail his promotion, but when he was acquitted of any wrongdoing, he moved to the big chair at the European Central Bank ready for a full eight-year term.

Jean-Claude Trichet's time at the European Central Bank has been marked by the dangerous financial crisis that has rocked Europe and the rest of the world for the better part of four years. In his role, this has often meant responding to immediate banking disasters (from his office and occasionally from a sailboat), keeping the peace between banks that are still afloat, mediating between diverse European nations with vastly different financial situations who are bound by the Euro, and ultimately trying to protect his currency from disintegrating.

Over this period, the most difficult challenge has come in 2010 and 2011 over the failing economic situation in countries like Greece. After going in a new direction that differed from his inflation-control model and buying government bonds, Jean-Claude Trichet lost two ECB members from the executive board and governing council.

In his final days with ECB, however, light at the end of Jean-Claude Trichet's legacy tunnel appeared to brighten as a hasty "rescue package" was being developed by eurozone leaders with the hope of bringing the crisis to a close.

Although his time at the ECB is up, Jean-Claude Trichet has been too preoccupied with the current situation (like everyone else) to ponder the next step in his own career. After he most likely relocates to Paris from the German headquarters of ECB, he will spend at least one year away from the financial industry, in keeping with the rules designated for high-ranking ECB members. After that, it's anybody's guess, but the fire that has taken him this far in his career still remains and despite his fair amount of detractors, the many strong supporters of Jean-Claude Trichet who remain don't see him walking away from it all just yet.