Noyer appointed Bank of France governor

Christian Noyer has been appointed the new head of the Bank of France.

He was appointed today by French President Jacques Chirac and will succeed Jean-Claude Trichet who had held the position since 1993.

Trichet moves on to become chairman of the European Central Bank.

Noyer, 53 is a former deputy-governor of the European Central Bank and faces a major challenge in restructuring the central bank as it adjusts to its diminished domestic role.

Already this year the bank's monetary committee has seen its membership cut from nine to seven as monetary policy now lies with the European Central Bank.

He also faces the prospect of reducing the Bank of France's 14,500 workforce by nearly 20% as its branch network is trimmed from 211 to 95.