Dutchman Mr Wim Duisenberg (62), the President of the European Central Bank, is a former professor of economics and head of the European Monetary Institute (EMI), the ECB's predecessor. He was appointed by Europe's finance ministers only after a fierce row and a compromise under which the first eight-year term will be split with the Frenchman, Jean-Claude Trichet.

Mr Duisenberg has sometimes been called a "clone" of the Bundesbank president, Mr Hans Tietmeyer, and is regarded as someone who will shape monetary policy largely free from political influence, in the style approved of by the German central bank.

"Money is my profession," he said when he joined the board of a Dutch bank. As a steadfast advocate of stable monetary policies, Mr Duisenberg has lived up to this description.

After studying economics at Groningen University - his doctorate was on the economic consequences of disarmament - Mr Duisenberg was a teaching assistant there for four years before joining the International Monetary Fund in Washington.

He became an adviser to the Dutch central bank, was professor of macro economics at Amsterdam University for three years until 1973 and was then appointed finance minister at the age of 38 in the social democratic government.

His next stop was the board of the large Dutch bank, Rabobank where he stayed for three years before returning to the Dutch central bank as president. He later joined the European Monetary Institute, the forerunner of the European Central Bank.

He is generally liked among European politicians, but is likely to face a stiff test to maintain the bank's independence and develop its credibility, with the new centre-left governments in France and Germany seeking to take a more active approach to managing economic affairs inside the euro zone than their predecessors - who drew up the rules - had intended.

For all his reassuring manner, it remains to be seen if the cigarette-smoking, golf playing Mr Duisenberg can succeed in the difficult task of establishing a new central bank and overseeing the development of the euro into a strong international currency.

Mr Jean Claude Trichet: a career civil servant, appointed governor of the Bank of France in 1993 and steered it through to independence in 1994. Prior to that he was treasury director and chief of staff to former French prime minister, Mr Eduard Balladur.

A proponent of a strong franc, to so-called franc fort policy, he has fought inflation while resisting pressure to devalue the franc and cut interest rates - and faced strong criticism from former president Mr Jacques Chirac in the process. Not least, he is a fanatical supporter of a single EU currency.

He is likely to take over from Mr Duisenberg as president of the European central bank sometime after the introduction of the euro notes and coins in 2002. The other board members are:

Mr Christian Noyer: vice-president of the ECB and formerly the top civil servant in France's finance ministry.

Mr Otmar Issing: the German chief economist of the ECB, and former chief economist of the Bundesbank, he will be a key figure in setting and articulating policy. A professor of economics, he is a rigid supporter of monetary orthodoxy.

Ms Sirkha Hamalainen: the only woman on the board, she has been the Finnish central bank governor since 1992 and is widely respected. Takes a tough approach to monetary policy.

Mr Eugenio Domingo Solans: ultra-liberal Catalan academic economist, he has worked in the Spanish banking system and been on the Central Bank board since 1994.

Mr Tommaso Padoa Schioppa: formerly a senior Bank of Italy official, he has served since last year as chairman of the Italian stock exchanges regulatory commission.