In Memoriam: Wim Duisenberg, known as father of the euro
Wim Duisenberg, the former European Central Bank chief who helped create the euro currency, was found dead Sunday in his swimming pool in southeastern France, officials said. He was 70. An autopsy showed Mr. Duisenberg had drowned after an unspecified cardiac problem, a regional prosecutor said. He was found unconscious in the swimming pool at his home in the town of Faucon and could not be resuscitated, police said.
Mr. Duisenberg was the first head of the ECB, serving from 1998 to 2003. Having shepherded the euro through its introduction in 1999, he became known as the father of the 12-nation European common currency. ''With his calm manner, he established people's basic trust in the euro,'' German Finance Minister Hans Eichel said in Berlin. ''We will remember his personality and what he achieved.'' Tall and stoop-shouldered, with a mane of white hair, Mr. Duisenberg sometimes appeared more of a professor than a heavyweight policy-maker. A chain-smoking golf lover, he kept a decidedly low profile as the ECB chief but was a major figurehead bearing overall responsibility for price stability in the euro zone of more than 300 million. During his tenure at the bank, Mr. Duisenberg was known for his cautious monetary policy and was eager to defend the euro. Willem Frederik Duisenberg was born July 9, 1935, in the Dutch city of Heerenven. He became a member of the Dutch Labor Party, and received a doctorate in economics from Groningen University. He is survived by his wife, Gretta Duisenberg-Bedier de Prairie, and two adult sons.
Today (August 1, 2005) 1 EURO sells for 1.22 USD as the US dollar falls for 4th week against the EURO. Recent indicators in Europe offer more hope. An index of confidence based on responses from 35,000 executives in the 12 euro nations rose to minus 8 in July, the highest in four months, the European Commission said recently in Brussels. And unemployment in France declined for the first time in six months. Some traders said any signs of recovery from a second- quarter slowdown in Europe may encourage speculation the European Central Bank will eventually raise its benchmark interest rate, which at 2 percent hasn't changed in more than two years.
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