Wim Duisenberg

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Minister of Finance
In office
11 May 1973 – 19 December 1977
Prime MinisterJoop den Uyl
Preceded byRoelof Nelissen
Succeeded byFrans Andriessen
Personal details
Born
Willem Frederik Duisenberg

(1935-07-09)9 July 1935
Heerenveen, Netherlands
Died31 July 2005(2005-07-31) (aged 70)
Faucon, France
Cause of deathDrowning
Political partyLabour Party (from 1959)
Spouses
Tine Stelling
​
​
(m. 1960; div. 1980)​
​
​
(m. 1987)​
ChildrenPieter Duisenberg
(born 1967)
one other son and daughter
Alma materUniversity of Groningen
(BEc, M.Econ, PhD)
OccupationPolitician · civil servant · Economist · Researcher · Businessperson · Banker · Corporate director · Lobbyist · Author · professor
Signature

Willem Frederik "Wim" Duisenberg (Dutch: [ˈʋɪləm 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).[1]

Duisenberg studied Economics at the

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.[2][3]

Early life and education

Willem Frederik Duisenberg was born on 9 July 1935 in the

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.[4] 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.[4]

Politics

Chancellor of the Exchequer of the United Kingdom Denis Healey, Minister of Finance of West Germany Helmut Schmidt and Minister of Finance Wim Duisenberg during a European Economic Community meeting in The Hague on 24 April 1974.
President of the European Central Bank Wim Duisenberg and Member of the Executive Board of the European Central Bank Tommaso Padoa-Schioppa during an International Monetary Fund meeting in Washington, D.C., on 24 September 2000.

Duisenberg subsequently worked for the

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 euro

Owing 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

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.[6]

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.[citation needed] 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.[citation needed]

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.[7][8]

Decorations

See also

References

  1. ^ "Wim Duisenberg (70) overleden". RTL Nieuws. 2005.
  2. ^ "Zalm op een na beste minister van Financiën" (in Dutch). Trouw. 1 November 2006. Retrieved 21 July 2017.
  3. ^ "Verkiezing van de Beste Minister van Financiën" (in Dutch). Historisch Nieuwsblad. 15 May 2009. Retrieved 21 July 2017.
  4. ^ a b c d e f g h Dr. W.F. (Wim) Duisenberg (in Dutch), Parlement & Politiek. Retrieved 5 September 2015.
  5. ^ "Duisenberg: wetenschapper, minister, centraal bankier en bemiddelaar" (in Dutch), NRC Handelsblad, 2005. Retrieved 6 September 2015.
  6. Bilderberg Group. Archived from the original
    on 2 February 2014. Retrieved 8 February 2014.
  7. ^ "Obituary: Wim Duisenberg", BBC News, 2005.
  8. ^ Mark Landler, "New York Times Obituary: Wim Duisenberg", The New York Times, 2005. Retrieved 16 June 2015.

External links

Political offices
Preceded by
Minister of Finance

1973–1977 		Succeeded by
Government offices
Preceded by President of the Central Bank of the Netherlands
1982–1997 		Succeeded by
Preceded by President of the European Monetary Institute
1997–1998 		Position abolished
New office President of the European Central Bank
1998–2003 		Succeeded by
Diplomatic posts
Preceded by President and Chair of the Bank for International Settlements
1988–1990 		Succeeded by
Preceded by President and Chair of the Bank for International Settlements
1994–1997 		Succeeded by
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