The second largest central bank in the world, the European Central Bank, will have a new president by the year-end as Bank of France governor Jean-Claude Trichet was cleared of criminal charges relating to the collapse of Crédit Lyonnais.
The much-anticipated decision will mean ECB president Wim Duisenberg will make good on his twice-delayed departure. Trichet looks set to take over, possibly as early as October.
Fears that French prosecutor Yves Bot would appeal the court’s decision were laid to rest when he said it was “time to move on”.
