PARIS, July 7: European Central Bank governor Wim Duisenberg has said he will be replaced by French central bank governor Jean-Claude Trichet on November 1, a union source at the Bank of France said on Monday.

Mr Duisenberg made the statement last Wednesday in Frankfurt at a meeting of the ECB and unions representing European Central Bank employees, Jean-Marie Roux of the CFDT trade union told AFP.

“Wim Duisenberg told us he would hand over power on November 1,” Mr Roux said.

The ECB refused to comment on the information. “We do not communicate the content of a private meeting,” a spokesman at the Frankfurt-based bank said.

Mr Trichet has been widely tipped to replace Duisenberg, who is retiring, since his acquittal last month of false accounting charges.

He is scheduled to appear before the economic and monetary affairs committee of the European Parliament on September 11 and before a plenary session of parliament September 24 or 25, who will give a “consultative” opinion on his nomination.

But the candidate must first be recommended by the European Union finance ministers, who are expected to take such a step on July 15.

EU leaders had agreed on June 20 to nominate Mr Trichet.

With backing from parliament, EU leaders will officially name the next ECB governor by a common agreement.—AFP