The European Central Bank Governor, Mr Wim Duisenberg, has said he has been elected to an eight-year term at the bank and that he would not step down before the euro had been introduced.
"The term of president of the ECB is defined by treaties and is for eight years. No more, no less," Mr Duisenberg said in an interview published yesterday.
"In any case, I have said that I will not depart before the withdrawal of national currencies and their replacement by the euro."
Mr Duisenberg (62), secured the job at a European summit in Brussels in May only after indicating, under pressure from French President Mr Jacques Chirac, his intention to step down early from the post.
In an interview with a Dutch newspaper published on Saturday, Mr Duisenberg denied he had told Mr Chirac he would step down from the post after four years.
"There was no conversation that I would step down. I can still decide to stay for the full eight years. That decision is mine only," Mr Duisenburg told NRC Handelsblad.
Mr Chirac had made clear he wanted the Dutchman to step down early to make way for Frenchman Mr Jean-Claude Tirchet to serve a fresh eight-year term. The plan was widely criticised as detrimental to the ECB's credibility.
