Messy compromise after row over presidency of central bank

Great steps were taken to avoid a row in the meeting which was to set a final seal on the preparations for EMU over the May weekend…

Great steps were taken to avoid a row in the meeting which was to set a final seal on the preparations for EMU over the May weekend this year. But, true to form, a major brawl ensued over the presidency of the European central bank. A final compromise means that Wim Duisenberg, the Dutchman, is likely to stay in the job for about four years, to be followed by Frenchman Jean-Claude Trichet. In terms of compromises, it was about as messy as they get, and showed how Europe's changing political landscape - and particularly a new French government led by Lionel Jospin - were adding new elements to the equation. Subsequently the grand old man of Europe, Helmut Kohl, and his sidekick Theo Waigel, were sent packing by the German electorate. Had Mr Jospin and Mr Lafontaine controlled Europe for the last few years, how would things have been different. A stability and growth pact for fiscal rectitude might have been replaced by a pact for growth and employment. And the ECB would not be located down the road from the Bundesbank.