Jean Claude Trichet, who is expected to take over from Wim Duisenberg as president of the European Cental Bank next July, will take to the stand in the long-awaited Credit Lyonnais case which has been pencilled in for hearing in the first week of 2003. Credit Lyonnais has been accused of misleading accounting practices throughout much of the 1990s and Trichet, who was treasury director at the French finance ministry, has been accused of spreading false information on the market, and presenting and publishing inexact accounts about the rescue of the Credit Lyonnais.
It is expected that the case will run until February 12 and Trichet will have the opportunity to clear his name in advance of any move to the ECB. //www.fxcentre.com