View source for Wim Duisenberg

{{short description|Dutch politician and economist, first ECB President (1935–2005)}}
{{Use dmy dates|date=November 2020}}
{{Lead extra info|date=August 2022}}
{{Infobox officeholder
| honorific_prefix    = [[Excellency|His Excellency]]
| name                = Wim Duisenberg
| image               = Wim Duisenberg.jpg
| imagesize           = 
| caption             = Duisenberg in 2001
| office              = [[President of the European Central Bank]]
| term_start          = 1 June 1998
| term_end            = 31 October 2003
| vicepresident       = [[Christian Noyer]] <br/> [[Lucas Papademos]]
| predecessor         = Position established
| successor           = [[Jean-Claude Trichet]]
| office1             = [[European Monetary Institute|President of the European Monetary Institute]]
| term_start1         = 1 July 1997
| term_end1           = 1 June 1998
| predecessor1        = [[Alexandre Lamfalussy]]
| successor1          = Position abolished
| office2             = [[Bank for International Settlements|President and Chairman of the <br/> Bank for International Settlements]]
| 1blankname2         = {{nowrap|General-Manager}}
| 1namedata2          = [[Andrew Crockett (banker)|Andrew Crockett]]
| term_start2         = 1 January 1994
| term_end2           = 1 July 1997
| predecessor2        = [[Bengt Dennis]]
| successor2          = [[Alfons Verplaetse]]
| 1blankname3         = General-Manager
| 1namedata3          = [[Alexandre Lamfalussy]]
| term_start3         = 1 January 1988
| term_end3           = 31 December 1990
| predecessor3        = [[Jean Godeaux]]
| successor3          = [[Bengt Dennis]]
| office4             = [[De Nederlandsche Bank|President of De Nederlandsche Bank]]
| term_start4         = 1 January 1982
| term_end4           = 1 July 1997
| predecessor4        = [[Jelle Zijlstra]]
| successor4          = [[Nout Wellink]]
| office5             = [[House of Representatives (Netherlands)|Member of the House of Representatives]]
| term_start5         = 16 January 1978
| term_end5           = 28 June 1978
| term_start6         = 8 June 1977
| term_end6           = 8 September 1977
| parliamentarygroup6 = <!-- [[Labour Party (Netherlands)|Labour Party]] -->
| office7             = [[List of Ministers of Finance of the Netherlands|Minister of Finance]]
| primeminister7      = [[Joop den Uyl]]
| term_start7         = 11 May 1973
| term_end7           = 19 December 1977
| predecessor7        = [[Roelof Nelissen]]
| successor7          = [[Frans Andriessen]]
| birthname           = Willem Frederik Duisenberg
| birth_date          = {{Birth date|df=y|1935|07|09}}
| birth_place         = [[Heerenveen]], Netherlands
| death_date          = {{Death date and age|df=y|2005|07|31|1935|07|09}}
| death_place         = [[Faucon, Vaucluse|Faucon]], France
| nationality         = Dutch
| death_cause         = [[Drowning]]
| party               = [[Labour Party (Netherlands)|Labour Party]] <small>(from 1959)</small>
| spouse              = {{plainlist|
* {{marriage|Tine Stelling|1960|1980|reason=divorced}}
* {{marriage|[[Gretta Duisenberg|Gretta Nieuwenhuizen]]|1987}}
}}<!--Year omitted when marriage ends w/ death of article subject-->
| children            = [[Pieter Duisenberg]] <br/> <small>(born 1967)</small> <br/> one other son and daughter
| residence           = 
| alma_mater          = [[University of Groningen]] <br/> <small>([[Bachelor of Economics|BEc]], [[Master of Economics|M.Econ]], PhD)</small>
| occupation          = {{hlist|Politician|civil servant|economist|researcher|businessperson|banker|[[Board of directors|corporate director]]|[[Lobbying|lobbyist]]|author|professor}}
| signature           = Wim Duisenberg signature.svg
}}

'''Willem Frederik''' "'''Wim'''" '''Duisenberg''' ({{IPA|nl|ˈʋɪləɱ ˈfreːdərɪk ʋɪm ˈdœysə(m)bɛr(ə)x|lang|Nl-Wim Duisenberg.ogg}}; 9 July 1935 – 31 July 2005) was a Dutch politician, economist and senior official who served as the first [[President of the European Central Bank]] from 1998 to 2003. A member of the [[Labour Party (Netherlands)|Labour Party]] (PvdA), he previously was [[List of Ministers of Finance of the Netherlands|Minister of Finance]] from 1973 to 1977 and presided over [[De Nederlandsche Bank]] (DNB), the Dutch central bank, from 1982 to 1997.<ref>{{cite news | url=http://www.rtl.nl/(/actueel/rtlnieuws/binnenland/)/components/actueel/rtlnieuws/2005/07_juli/31/binnenland/0731_1700_Duisenberg_overledebn.xml | title=Wim Duisenberg (70) overleden | publisher=[[RTL Nieuws]] | date=2005}}</ref>

Duisenberg worked as a financial analyst for the [[International Monetary Fund]] (IMF) from January 1966 until March 1969 and as an economist for DNB from March 1969 until February 1970. He then was a professor of [[Macroeconomics]] at the [[University of Amsterdam]] from February 1970 until May 1973. After the [[1972 Dutch general election|1972 general election]] Duisenberg was appointed as [[List of Ministers of Finance of the Netherlands|Minister of Finance]] in the centre-left [[Den Uyl cabinet|cabinet]] of Prime Minister [[Joop den Uyl]], taking office on 11 May 1973. The cabinet fell just before the end of its term; following the [[1977 Dutch general election|1977 general election]] Duisenberg served in the [[House of Representatives (Netherlands)|House of Representatives]] from 8 June until 8 September 1977 and again from 16 January 1978, where he was a [[frontbencher]] and spokesperson for [[Ministry of Finance (Netherlands)|Finance]]. In June 1978 Duisenberg unexpectedly announced his retirement and resigned from the House of Representatives on 28 June. He semi-retired from active politics at 42 and became active in the [[private sector]] as a corporate director, and worked as a banker for [[Rabobank]]. In November 1981 Duisenberg was nominated as the next DNB President, taking office on 1 January 1982. In June 1997 he 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]] (ECB) with Duisenberg appointed as its inaugural president, 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]]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 [[Government budget balance|balanced governmental budgets]], [[financial regulation]] and more [[European integration]]. Duisenberg was known for his abilities as a skillful manager and effective [[Negotiation|negotiator]] and continued to comment on political affairs until his death after suffering a heart attack and [[drowning]] 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 {{Age in years and days|1935|07|09|1973|05|11}}.<ref>{{cite web|url=https://www.trouw.nl/home/zalm-op-een-na-beste-minister-van-financien~ad2b6003/|title=Zalm op een na beste minister van Financiën|date=1 November 2006|publisher=Trouw|access-date=21 July 2017|language=nl}}</ref><ref>{{cite web|url=https://www.historischnieuwsblad.nl/nl/artikel/25202/verkiezing-van-de-beste-minister-van-financien.html|title=Verkiezing van de Beste Minister van Financiën|date=15 May 2009|publisher=Historisch Nieuwsblad|access-date=21 July 2017|language=nl}}</ref>

==Early life and education==
Willem Frederik Duisenberg was born on 9 July 1935 in the [[Friesland|Frisian]] city of [[Heerenveen]] in the [[Netherlands]].<ref name="parlement">[http://www.parlement.com/id/vg09llfsmbyu/w_f_wim_duisenberg Dr. W.F. (Wim) Duisenberg] (in Dutch), ''Parlement & Politiek''. Retrieved 5 September 2015.</ref> He was the son of Lammert Duisenberg, who was a waterworks supervisor, and Antje Ykema.<ref>"[http://www.nrc.nl/handelsblad/van/2005/augustus/01/duisenberg-wetenschapper-minister-centraal-bankier-10589605 Duisenberg: wetenschapper, minister, centraal bankier en bemiddelaar]" (in Dutch), ''[[NRC Handelsblad]]'', 2005. Retrieved 6 September 2015.</ref> He went to a public primary school in his hometown. He went to secondary school, first one year of [[Hogere Burgerschool]] and then [[Gymnasium (school)|gymnasium]] with [[natural sciences]], also in Heerenveen.<ref name="parlement"/> In 1954, Duisenberg moved to [[Haren, Groningen|Haren]]. He studied at the [[University of Groningen]] in [[Groningen]] from 1954 to 1961, where he received his ''[[doctorandus]]'' degree (equivalent of Master of Science) ''[[cum laude]]'' in economics, majoring in [[international relations]]. He was a member of [[Groninger Studentencorps Vindicat atque Polit]]. In 1959, he became a member of the [[Labour Party (Netherlands)|Labour Party]]. In 1960, he married Tine Stelling.<ref name="parlement"/> In 1965, he obtained his ''[[Doctor (title)|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.<ref name="parlement"/>

==Politics==
{{No sources|section|date=August 2022}}
[[File:EuropeanConf1974.jpg|thumb|left|220px|[[Chancellor of the Exchequer]] of the United Kingdom [[Denis Healey]], [[List of German finance ministers|Minister of Finance of West Germany]] [[Helmut Schmidt]] and Minister of Finance Wim Duisenberg during a [[European Economic Community]] meeting in [[The Hague]] on 24 April 1974]]
[[File:Duisenberg and Padoa-Schioppa.jpg|thumb|left|220px|President of the European Central Bank Wim Duisenberg and [[Executive Board of the European Central Bank|Member of the Executive Board of the European Central Bank]] [[Tommaso Padoa-Schioppa]] during an International Monetary Fund meeting in Washington, D.C., on 24 September 2000]]
Duisenberg subsequently worked for the [[International Monetary Fund]] in Washington, D.C., for years followed by a year as an advisor to the director of the [[De Nederlandsche Bank|Nederlandsche Bank]], the Dutch central bank in [[Amsterdam]]. He was then appointed a professor at the [[University of Amsterdam]] 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 [[Rabobank]], 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 [[Dutch gulden|guilder]] was linked to the German [[Deutsche Mark]]; 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]].

==First President of the European Central Bank==
{{Main|Introduction of the euro}}
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]], much to the chagrin of France, who wanted a French candidate.{{citation needed|date=September 2015}} 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]], would take over. In 1999, Duisenberg received the [[Vision for Europe Award]] in recognition of his efforts toward the unification of Europe.<ref>{{Cite web|url=http://www.bilderbergmeetings.org/former-steering-committee-members.html|title=Former Steering Committee Members|work=bilderbergmeetings.org|publisher=[[Bilderberg Group]]|access-date=8 February 2014|archive-date=2 February 2014|archive-url=https://web.archive.org/web/20140202095633/http://www.bilderbergmeetings.org/former-steering-committee-members.html|url-status=dead}}</ref>

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.{{citation needed|date=June 2015}} 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.{{citation needed|date=June 2015}}

==Death==
Duisenberg died in 2005 at the age of 70 while on vacation at his villa in [[Faucon, Vaucluse|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, Amsterdam|Concertgebouw]]. Duisenberg was buried later that day in the [[Zorgvlied (cemetery)|Zorgvlied cemetery]] in Amsterdam.<ref>"[http://news.bbc.co.uk/2/hi/business/4733483.stm Obituary: Wim Duisenberg]", ''[[BBC News]]'', 2005.</ref><ref>Mark Landler, "[https://www.nytimes.com/2005/08/01/business/01duisenberg.html New York Times Obituary: Wim Duisenberg]", ''[[The New York Times]]'', 2005. Retrieved 16 June 2015.</ref>

==Decorations==
* [[Order of the Netherlands Lion]] ([[Netherlands]])
** Knight <small>(11 April 1978)</small><ref name="parlement"/>
** Commander <small>(17 June 1997)</small><ref name="parlement"/>
* Commander of the [[Order of Orange-Nassau]] ([[Netherlands]])<ref name="parlement"/>
* Knight Grand Cross of the [[Order of Isabella the Catholic]]{{citation needed|date=September 2015}}
* Honorary doctorate in Economics from the [[University of Amsterdam]] (8 January 2001)<ref name="parlement"/>

==See also==
* [[Delors Committee]]

==References==
{{Reflist}}

==External links==
*{{Commons category-inline}}

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{{s-off}}
{{s-bef|before=[[Roelof Nelissen]]}}
{{s-ttl|title=[[List of Ministers of Finance of the Netherlands|Minister of Finance]]|years=1973–1977}}
{{s-aft|after=[[Frans Andriessen]]}}
|-
{{s-gov}}
{{s-bef|before=[[Jelle Zijlstra]]}}
{{s-ttl|title=President of the [[De Nederlandsche Bank|Central Bank of the Netherlands]]|years=1982–1997}}
{{s-aft|after=[[Nout Wellink]]}}
|-
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{{s-ttl|title=President of the [[European Monetary Institute]]|years=1997–1998}}
{{s-non|reason=Position abolished}}
|-
{{s-new|office}}
{{s-ttl|title=[[President of the European Central Bank]]|years=1998–2003}}
{{s-aft|after=[[Jean-Claude Trichet]]}}
|-
{{s-dip}}
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{{s-ttl|title=President and Chair of the [[Bank for International Settlements]]|years=1988–1990}}
{{s-aft|after=[[Bengt Dennis]]}}
|-
{{s-bef|before=[[Bengt Dennis]]}}
{{s-ttl|title=President and Chair of the [[Bank for International Settlements]]|years=1994–1997}}
{{s-aft|after=[[Alfons Verplaetse]]}}
{{s-end}}

{{ECB board}}
{{Ministers of Finance of the Netherlands}}
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{{Portal bar|Netherlands|Politics|Modern history|European Union}}
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{{DEFAULTSORT:Duisenberg, Wim}}
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[[Category:Presidents of the European Central Bank]]
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[[Category:Academic staff of the University of Groningen]]
[[Category:20th-century Dutch businesspeople]]
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[[Category:20th-century Dutch economists]]
[[Category:20th-century Dutch educators]]
[[Category:20th-century Dutch male writers]]
[[Category:20th-century Dutch politicians]]
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