Jean-Claude Trichet takes over the reins of power at the European Central Bank

Jean-Claude Trichet takes over the reins of power at the European Central Bank (ECB) from the out-going president Wim Duisenberg, the man they called "Mr. Euro," on Nov. 1. It is the culmination of many years of hard work and careful positioning in various posts within the corridors of international finance. And it is a job that he has long been associated with, despite the progress made by his predecessor. Trichet rose through the ranks of the French public service, holding several high ranking positions in both left and right governments. His career path led him through a number of political posts in the French government’s finance ministry, culminating in the top job at the Treasury in 1987 and head of the Banque de France in 1993. He is also a former deputy governor with the International Monetary Fund (IMF) and World Bank. For the past four years, Trichet remained largely behind the scenes serving on the ECB council as the head of France's Central Bank while Duisenberg, the man who many felt occupied the position tailor made for Trichet, was lauded for the smooth introduction of Europe's common currency. Trichet was one of nine men put on trial for their part in the Credit Lyonnais affair, which culminated in a €31 billion ($33.7 billion) bailout by the French government. In the end, the court cleared Trichet of involvement in the banking scandal in June.