Willem Frederik "Wim" Duisenberg (; 9 July 1935 – 31 July 2005) was a Dutch politician, economist and senior official who served as the first President of the European Central Bank from 1998 to 2003. A member of the Labour Party (PvdA), he previously was Minister of Finance from 1973 to 1977 and presided over De Nederlandsche Bank (DNB), the Dutch central bank, from 1982 to 1997.

Duisenberg worked as a financial analyst for the International Monetary Fund (IMF) from January 1966 until March 1969 and as an economist for DNB from March 1969 until February 1970. He then was a professor of Macroeconomics at the University of Amsterdam from February 1970 until May 1973. After the 1972 general election Duisenberg was appointed as Minister of Finance in the centre-left cabinet of Prime Minister Joop den Uyl, taking office on 11 May 1973. The cabinet fell just before the end of its term; following the 1977 general election Duisenberg served in the House of Representatives from 8 June until 8 September 1977 and again from 16 January 1978, where he was a frontbencher and spokesperson for Finance. In June 1978 Duisenberg unexpectedly announced his retirement and resigned from the House of Representatives on 28 June. He semi-retired from active politics at 42 and became active in the private sector as a corporate director, and worked as a banker for Rabobank. In November 1981 Duisenberg was nominated as the next DNB President, taking office on 1 January 1982. In June 1997 he 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 its inaugural president, 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 .

Early life and education

Willem Frederik Duisenberg was born on 9 July 1935 in the Frisian city of Heerenveen in the Netherlands. He was the son of Lammert Duisenberg, who was a waterworks supervisor, and Antje Ykema. 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.

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.

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.

Decorations

  • Order of the Netherlands Lion (Netherlands)
  • Knight <small>(11 April 1978)</small>