New President, New Signature

Started by chrisild, May 19, 2011, 01:13:52 PM

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chrisild

The Council of the European Union has just (on Tuesday 17 May) adopted a recommendation to nominate Mario Draghi as the new president of the European Central Bank. He would then, as from 1 November 2011, succeed Jean-Claude Trichet whose term ends on 31 October. http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/122072.pdf

There have been and will be consultations with the ECB and the European Parliament, and the European Council's final decision is expected in about a month (23-24 June meeting). But at this stage it is fair to assume that Mario Draghi will be the next ECB president, so in the near future the euro notes will show Draghi's signature instead of Trichet's. The notes are not dated, by the way - the "2002" refers to the copyright, not the year of issue.

Christian

chrisild

#1
Quote from: chrisild on May 19, 2011, 01:13:52 PM
and the European Council's final decision is expected in about a month (23-24 June meeting)

Yes, the Council has made the decision that was pretty much expected. As from 1 November, Mario Draghi will be the next ECB president. Here is a short notice and a brief CV: http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/123049.pdf  So expect something like this (see attached file) to appear on the euro notes. (Image source: http://img4.imageshack.us/img4/4646/draghiwv.jpg)

Side note: With Draghi as the new president, two of the six executive board members would have been from Italy, and none from France. But surprisingly ;) Lorenzo Bini Smaghi agreed to step down (by the end of the year) just in time for the ultimate Council decision.

Christian

chrisild

The new notes, with Draghi's signature, are issued now. Here is an article in German ...
http://www.focus.de/finanzen/news/bundesbank-ab-sofort-auch-euro-noten-mit-draghi-unterschrift_aid_725349.html

... but you already know what the rest of the article says. :)  The older notes (with the signatures of Duisenberg and Trichet) will remain legal tender and stay in circulation. If or when they need to be replaced with new notes (due to wear etc.), these new notes will now have the signature of Mario Draghi.

Christian

chrisild

Apparently Mario Draghi has been working on his signature lately. ;) The European Central Bank now has images of all three sigs here:

http://www.ecb.europa.eu/euro/banknotes/html/index.en.html (click on "Design elements")

Christian

Bimat

Euro banknotes with Draghi's signature enter circulation

Mario Draghi's signature appears on circulating euro banknotes as the ECB president expresses faith that situation in Europe is stabilising

Author: Catherine Snowdon
Source: Central Banking | 22 Mar 2012

Euro banknotes featuring the signature of Mario Draghi, who became president of the European Central Bank (ECB) on November 1, 2011, have entered into circulation this month.

"The first denomination of new notes is the €10, after that the other denominations will follow successively," an ECB spokesperson told CentralBanking.com.

Euro banknotes now display either the signature of Wim Duisenberg, first president of the ECB, Jean-Claude Trichet, the second president, or of Draghi; all are legal tender. Aside from the signature, the other features of the banknotes are the same.

The banknotes are entering the market at a time when confidence surrounding the currency is rebuilding. In an interview published in German tabloid Bild, Draghi said the situation in Europe is "stabilising".

Draghi said key economic indicators in the eurozone, such as inflation, current account and budget deficits, show the overall performance in the eurozone is better than in the US. He referred to the positive impact of the large cash injections under the long-term refinancing operation, but said the ball was now in the European governments' court to ensure the eurozone becomes "crisis-proof".

Draghi also took the opportunity during the Bild interview to attempt to dispel rumours of a serious falling out with the president of the Bundesbank, Jens Weidmann. Draghi said the two got on both personally and professionally, and that any difference of opinion had been "exaggerated".

Source: Central Banking

It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

chrisild

Side note: In case anybody wants to read the interview with "Bild" (which is not about the signature), here is an English version.
http://www.ecb.europa.eu/press/key/date/2012/html/sp120323.en.html

Christian

chrisild

#6
Apparently the first €10 Draghi note has been found "in the wild". :)
http://www.lamoneta.it/topic/88882-10-euro-con-firma-di-mario-draghi/



If you do not see an image above, or if you want to see the other side, click here:
(obv) http://img52.imageshack.us/img52/4343/20120403023224b.jpg
(rev) http://img832.imageshack.us/img832/7206/20120403023236b.jpg

Christian