Wim Duisenberg

Willem Frederik Duisenberg was born on 9 July 1935 in the Frisian city of Heerenveen in the Netherlands.[4] He was the son of Lammert Duisenberg, who was a waterworks supervisor, and Antje Ykema.[5] He went to a public primary school in his hometown. He went to secondary school, first one year of Hogere Burgerschool and then gymnasium with natural sciences, also in Heerenveen.[4] In 1954, Duisenberg moved to Haren. He studied at the University of Groningen in Groningen from 1954 to 1961, where he received his doctorandus degree (equivalent of Master of Science) 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]

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 International Monetary Fund in Washington, D.C., for years followed by a year as an advisor to the director of the Nederlandsche Bank, the Dutch central bank in Amsterdam. He was then appointed a professor at the University of Amsterdam where he taught macroeconomics. From 1973 to 1977, Duisenberg was Minister of Finance under Prime Minister Joop den Uyl. Shortly afterwards, he gave up his seat in Parliament to become vice president of Rabobank, a Dutch bank. Two years later, he was appointed director of the Nederlandsche Bank, serving as its president from 1982 to 1997. His tenure at the Dutch central bank was marked by caution and reserve. Under his direction, the Dutch 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.

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 Frankfurt, much to the chagrin of France, who wanted a French candidate. A compromise was agreed upon (although publicly denied by all parties) whereby Duisenberg would serve for at least four years, upon which the Frenchman Jean-Claude Trichet, director of the 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. 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.

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]

• Order of the Netherlands Lion (Netherlands)
  • Knight (11 April 1978)[4]
  • Commander (17 June 1997)[4]
• Commander of the Order of Orange-Nassau (Netherlands)[4]
• Knight Grand Cross of the Order of Isabella the Catholic
• Honorary doctorate in Economics from the University of Amsterdam (8 January 2001)[4]

• Media related to Wim Duisenberg at Wikimedia Commons