Jean-Claude Trichet: In memory of Wim Duisenberg
Speech by Mr Jean-Claude Trichet, President of the European Central Bank, on the occasion of the
memorial service for Mr Wim Duisenberg, Amsterdam, 6 August 2005.
* * *
It is with great sadness and emotion that we all are here in the Concertgebouw after the terrible loss of
Wim Duisenberg, our first President and our dear friend.
The French writer Chateaubriand said: "In my eyes, nobody is going down in the grave (...). Death, in
touching us, does not defeat us; it only makes us invisible".
Wim is, and will for ever continue to be, present with us, in our heart and soul, with each and every
one of us, and with our dear European Central Bank. He will be with us as a great central banker, a
great first President of the European Central Bank, and a great European and friend.
As regards the central banker, I would like to say very simply that, seen from my own perspective hen
I was Governor of the Banque de France, the monetary policy of De Nederlandsche Bank was a role
model for an institution and a currency wanting to inspire confidence, to improve credibility and to be
state of the art in the handling of monetary policy in the uncharted European waters of that time. Can I
also say, Gerrit, en passant, that the Netherlands' economic strategy was also a role model for
France's economic strategy. And as a natural consequence, Wim, as President of De Nederlandsche
Bank, was a role model for fellow central bankers in Europe.
At the helm of the national central bank of the Netherlands, as President of the Committee of
Governors, as President of the BIS, as a key member of the DELORS Committee, as President of the
European Monetary Institute, Wim always displayed three unique qualities:
•
a fantastic capacity to synthesise the most complex situations;
•
an exceptional gift for taking clear decisions in an expeditious way;
•
and, finally, a strong determination to stick to the decision and stand firm in all
circumstances, even when going through unexplored and difficult territory.
Each of these three qualities can be possessed independently of the others. What is absolutely
exceptional in the case of Wim is that he had all three of them simultaneously.
As far as demanding circumstances and exceptional challenges are concerned, Wim had, like all of
us, his fair share. Then his unique qualities worked wonders. I would like particularly to mention three
examples:
•
Wim's firm position in the 1980s and 90s, when there were dramatic periods of increased
tension and outright crisis and, notably, in 1992 and 1993.
•
The influence he exerted in the DELORS Committee, taking action at all crucial moments to
permit the effective delivery of what became the blueprint for the single currency.
• Equally, Wim's influence at the European Monetary Institute under the chairmanship of
Alexandre Lamfalussy and as President, where the crucial decisions to prepare effectively
the single currency were wisely taken, including the decision that the ECB should have all its
accounts in euro from the outset, which owed a lot to Wim.
In July 1997 Wim became the second President of the EMI and in June 1998 the first President of the
European Central Bank. We found ourselves in a deeply sceptical environment. Some global media,
influential commentators, analysts and observers were betting on our presumed incapacity to deliver
effectively in all important circumstances: namely to start the new currency on time on the first working
day of January 1999, to make the immense new money market a reality for 11 economies and
countries, and then 12, and to have it functioning perfectly from day one, to introduce smoothly euro
banknotes and coins on 1 January 2002 for the 307 million people of the euro area and, overall, to
keep the promise made to the same 307 million fellow Europeans that the new currency would be at
least as good, reliable and credible as each of the national currencies, including the most credible
ones, such as the guilder.
All this was done, to the highest professional standards and with outstanding success, by the full body
of the team of the European Central Bank, by the full body of the Eurosystem with all twelve national
central banks under the captainship of Wim. On these occasions Wim made history, and
demonstrated two other major qualities, on top of the three I have already mentioned. First, a capacity
to lead a team with a fantastic team spirit, in particular the Executive Board and the Governing
Council, and second, an exceptional ability to keep his nerve in some highly demanding and extremely
hostile environments. All the members of the European System of Central Banks who are present here
would say as I do: "Thank you Wim, from the bottom of our hearts, for having guided us so skilfully and
successfully in so many "battlefields".
Wim was not only a great central banker. He was not only a great President of the European Central
Bank, making history in launching the single currency. He was a great friend, a great European friend.
The Dutch writer Cees Nooteboom says in "The question of Brussels": "How to become a European?
In starting by being one, a quality that we can acquire, for instance, in being born in the Netherlands.
The same result could be obtained, according to some, in Sicily, in East Prussia, in Lapponia or in
Wales, but being myself a European of the Dutch kind, I prefer to stick to this particular kind of
European (...). In fact if I am a European, it probably means that the European wealth of different
cultures influences my Dutch specificity".
Wim was a great European, fully open to our common cultural wealth. Fluent in English, German and
French, as well as Dutch of course, he was a man of culture, a man of great intellectual and moral
elegance. Among his many friends, his extreme kindness, his wit, his humour, his smile were
legendary. His openness to others and his simplicity were always appreciated by all, particularly by the
staff of the ECB. He gave a lot to colleagues and friends only out of the goodness of his heart.
Gretta, I am particularly fond of one memory of Wim, an event which I must relate because it says so
much about him. The two of you were in Aachen when Wim was to receive the Charlemagne Prize.
There was he, that tall fellow with his magnificent mop of hair and there were you, a picture of
supreme elegance. But you had a problem walking on the cobblestone streets of Aachen - so Wim
gave you his shoes, carried yours and walked in his socks through the streets with his prize around his
neck.
Simplicity, imagination, humour and great kindness are the best words to define our dear friend Wim,
who will be with us, with all of us, forever, as Chateaubriand said, "not defeated, only invisible".
I would like to give the last word to Wim himself. At his farewell celebration on 22 October 2003 he
said:
"All in all, I had the privilege of being part of history. Being responsible for the introduction of a new
currency is the dream of any central banker, I believe. A dream that, in my case, has become reality.
However, it would never have become reality without the support, commitment, resolve and efforts of
all of you. I really feel privileged having worked with you. You have all the reasons in the world to be
proud of your achievements".
Never did this sentence have a better application than to yourself, Wim: "You have all the reasons in
the world to be proud of your achievements".
Wim, je kunt met recht trots zijn op alles wat je hebt bereikt in je leven.