Controversial Duisenberg leaves mixed legacy at ECB

EUROPEAN Central Bank (ECB) President Wim Duisenberg’s reputation rose and fell with the euro, and as a sign of his mixed legacy he leaves office today with the 12-nation currency where he found it: worth about $1.17.

Duisenberg masterminded the glitch-free introduction of the new money in an $8 trillion economy with 300 million consumers. He was criticised by political leaders for waiting too long to cut interest rates as the fastest growth in a decade, in 2000, gave way to the slowest in 10 years in 2003.

Along the way, the plain-speaking 68-year-old Dutchman confused financial markets and upset European Union governments by making off-the-cuff musings that gave mixed messages over interest-rate policy and hastened the euro's slide against the dollar during the common currency's first two years.