Succession scramble at ECB

FEATURE - For those few who enjoy the subtleties of central banking politics, a glacial but important semantic change has occurred over the past couple of years.

Jean-Claude Trichet, head of the Banque de France, has gone from being called "the next president of the European Central Bank" to now just being "the leading candidate for the ECB presidency".

Two years ago, Mr Trichet appeared the inevitable successor to Wim Duisenberg, who announced his resignation last week.

Spain, which currently

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