Jean-Claude Trichet, the president of the European Central Bank (ECB), will head the European Systemic Risk Board (ESRB) until the end of his tenure, under proposals agreed Thursday.

The European Parliament, the European Commission, and the European Council cemented a compromise which will see the ESRB led by the chairman of the ECB for the first five years. Trichet's term as head of the central bank comes to an end next October, and his successor will also take over as the chief of the systemic