Willem Frederik "Wim" Duisenberg (; 9 July 1935 – 31 July 2005) was a Dutch politician and economist who served as President of the European Central Bank from 1 June 1998 until 31 October 2003. He was a member of the Labour Party (PvdA). Duisenberg worked as a financial analyst for the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...

(IMF) from January 1966 until March 1969 and as an economist for the Dutch central bank (DNB) from March 1969 until February 1970. Duisenberg worked as a professor of

Macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (econ ...

at the

University of Amsterdam The University of Amsterdam (abbreviated as UvA, ) is a public university, public research university located in Amsterdam, Netherlands. Established in 1632 by municipal authorities, it is the fourth-oldest academic institution in the Netherlan ...

from February 1970 until May 1973. After the election of 1972 Duisenberg was appointed as Minister of Finance in the Cabinet Den Uyl taking office on 11 May 1973. The Cabinet Den Uyl fell just before the end of its term. After the election of 1977 Duisenberg was elected as a Member of the House of Representatives serving from 8 June 1977 until 8 September 1977 and again from 16 January 1978 and served as a

frontbencher In many parliaments and other similar assemblies, seating is typically arranged in banks or rows, with each political party or caucus grouped together. The spokespeople for each group will often sit at the front of their group, and are then know ...

and spokesperson for

Finances Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. As a subject of study, is a field of Business Administration wich study the planning, organizing, leading, and controlling of an o ...

. In June 1978 Duisenberg unexpectedly announced his retirement and resigned from the House of Representatives on 28 June 1978. Duisenberg semi-retired from active politics at just 42 and became active in the

private sector The private sector is the part of the economy which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government. Employment The private sector employs most of the workfo ...

as a corporate director, and worked as a banker for the

Rabobank Rabobank (; full name: ''Coöperatieve Rabobank U.A.'') is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks (2019), a central organisation (Raboban ...

. In November 1981 Duisenberg was nominated as the next President of the Central Bank taking office on 1 January 1982. In June 1997 Duisenberg 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 The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...

(ECB) with Duisenberg appointed as the first President of the European Central Bank 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 sector The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, pu ...

s 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 Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest consi ...

and more

European integration European integration is the process of political, legal, social, regional and economic integration of states wholly or partially in Europe, or nearby. European integration has primarily but not exclusively come about through the European Union ...

. 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 Drowning is a type of Asphyxia, suffocation induced by the submersion of the mouth and nose in a liquid. Submersion injury refers to both drowning and near-miss incidents. Most instances of fatal drowning occur alone or in situations where othe ...

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 , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

.Dr. W.F. (Wim) Duisenberg
(in Dutch), ''Parlement & Politiek''. Retrieved 5 September 2015. 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 Natural science or empirical science is one of the branches of science concerned with the description, understanding and prediction of natural phenomena, based on empirical evidence from observation and experimentation. Mechanisms such as peer ...

, also in Heerenveen. In 1954, Duisenberg moved to Haren. He studied at the

University of Groningen The University of Groningen (abbreviated as UG; , abbreviated as RUG) is a Public university#Continental Europe, public research university of more than 30,000 students in the city of Groningen (city), Groningen, Netherlands. Founded in 1614, th ...

Groningen Groningen ( , ; ; or ) is the capital city and main municipality of Groningen (province), Groningen province in the Netherlands. Dubbed the "capital of the north", Groningen is the largest place as well as the economic and cultural centre of ...

from 1954 to 1961, where he received his ''

doctorandus Doctorandus (; ; drs.) is a Dutch academic title according to the pre- Bachelor– Master system. The female form is doctoranda (dra.; this form is not commonly used). The title is acquired by passing the ''doctoraalexamen'', the exam which usua ...

'' degree (equivalent of Master of Science) ''

cum laude Latin honors are a system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States. It is also used in some Sout ...

'' in economics, majoring in

international relations International relations (IR, and also referred to as international studies, international politics, or international affairs) is an academic discipline. In a broader sense, the study of IR, in addition to multilateral relations, concerns al ...

. He was a member of

Groninger Studentencorps Vindicat atque Polit The Groninger Studenten Corps Vindicat atque Polit (Latin for ''Uphold and Refine'' (lit. ''(The sword) avenges and (the file) scrapes'')) is the oldest Dutch student association and was founded on February 4, 1815, as a reaction to attacks on ...

. In 1959, he became a member of the Labour Party. In 1960, he married Tine Stelling. 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.

Politics

Duisenberg subsequently worked for the

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 Amsterdam ( , ; ; ) is the capital of the Netherlands, capital and Municipalities of the Netherlands, largest city of the Kingdom of the Netherlands. It has a population of 933,680 in June 2024 within the city proper, 1,457,018 in the City Re ...

. He was then appointed a professor at the

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

, 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 The Deutsche Mark (; "German mark (currency), mark"), abbreviated "DM" or "D-Mark" (), was the official currency of West Germany from 1948 until 1990 and later of unified Germany from 1990 until the adoption of the euro in 2002. In English, it ...

; 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 The Deutsche Bundesbank (, , colloquially Buba, sometimes alternatively abbreviated as BBk or DBB) is the National central bank (Eurosystem), national central bank for Germany within the Eurosystem. It was the German central bank from 1957 to 19 ...

First president of the European Central Bank

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 Frankfurt am Main () is the most populous city in the States of Germany, German state of Hesse. Its 773,068 inhabitants as of 2022 make it the List of cities in Germany by population, fifth-most populous city in Germany. Located in the forela ...

, 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 The Bank of France ( ) is the national central bank for France within the Eurosystem. It was the French central bank between 1800 and 1998, issuing the French franc. It does not translate its name to English, and thus calls itself ''Banque de ...

, would take over. In 1999, Duisenberg received the Vision for Europe Award in recognition of his efforts toward the unification of Europe. 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 Concertgebouw may refer to one of the following concert halls: * Concertgebouw, Amsterdam, Netherlands * Concertgebouw, Bruges, Belgium * Concertgebouw de Vereeniging, Netherlands {{disambiguation Buildings and structures disambiguation pages ...

. Duisenberg was buried later that day in the Zorgvlied cemetery in Amsterdam.Mark Landler,
New York Times Obituary: Wim Duisenberg
, ''

The New York Times ''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...

'', 2005. Retrieved 16 June 2015.

Decorations

Order of the Netherlands Lion The Order of the Netherlands Lion, also known as the Order of the Lion of the Netherlands (, ) is a Dutch honours system, Dutch order of chivalry founded by William I of the Netherlands on 29 September 1815. The Order of the Netherlands Lion wa ...

(

) ** Knight (11 April 1978) ** Commander (17 June 1997) * Commander of the

Order of Orange-Nassau The Order of Orange-Nassau () is a civil and military Dutch order of chivalry founded on 4 April 1892 by the queen regent, Emma of the Netherlands. The order is a chivalric order open to "everyone who has performed acts of special merits for ...

(

) * Knight Grand Cross of the

Order of Isabella the Catholic The Royal Order of Isabella the Catholic (; Abbreviation, Abbr.: OYC) is a knighthood and one of the three preeminent Order of merit, orders of merit bestowed by the Kingdom of Spain, alongside the Order of Charles III (established in 1771) and ...

* Honorary doctorate in Economics from the

(8 January 2001)

References

External links

* , - , - , - , - , - {{DEFAULTSORT:Duisenberg, Wim 1935 births 2005 deaths Commanders of the Order of Orange-Nassau Commanders of the Order of the Netherlands Lion Deaths by drowning in France Burials at Zorgvlied Cemetery Dutch development economists Dutch bankers Dutch business theorists Dutch business writers Dutch chief executives in the finance industry Dutch corporate directors Dutch expatriates in Germany Dutch expatriates in the United States Dutch financial advisors Dutch financial analysts Dutch financial writers Dutch officials of the European Union Financial economists Financial planners Grand Crosses 1st class of the Order of Merit of the Federal Republic of Germany International economists Labour Party (Netherlands) politicians Macroeconomists Members of the House of Representatives (Netherlands) Members of the Social and Economic Council Members of the Steering Committee of the Bilderberg Group Ministers of finance of the Netherlands Monetarists Monetary economists People from Heerenveen Presidents of the Central Bank of the Netherlands Presidents of the European Central Bank Academic staff of the University of Amsterdam University of Groningen alumni Academic staff of the University of Groningen 20th-century Dutch businesspeople 20th-century Dutch civil servants 20th-century Dutch economists 20th-century Dutch educators 20th-century Dutch male writers 20th-century Dutch politicians 21st-century Dutch politicians