Message from President Jean-Claude Trichet on behalf of the European Central Bank

It was with immense sadness that we learnt last night of the passing away of Tommaso Padoa-Schioppa. The whole staff and the Executive Board of the European Central Bank (ECB), as well as the members of the Governing Council and of the General Council of the ECB, are all mourning a very dear former colleague and friend.

Tommaso Padoa-Schioppa was a member of the ECB Executive Board from June 1998 to May 2005. We all appreciated his unwavering dedication, his high professionalism and his outstanding contribution to the establishment and consolidation of the ECB and of the European System of Central Banks (ESCB). As a man of vision and strong European convictions, Tommaso Padoa-Schioppa was a powerful voice on the European monetary scene even before the creation of the euro. He contributed decisively in the early years of the euro to the reputation of the ECB as a major actor in international and European cooperation. Responsible for the ECB's tasks in the area of financial stability, Tommaso Padoa-Schioppa aimed consistently at enhancing the architecture for financial stability and supervision in Europe by providing a clear vision for the medium to long-term objectives and by making concrete contributions to strengthening cooperation and coordination among the competent national authorities. Tommaso Padoa-Schioppa stressed with great determination the relevance of payment system design and architecture for ensuring financial market stability and the protection of investors and consumers. He acted as promoter and inventor of all European projects in this field.

European Monetary Union is losing a man of reflection, of action and of vision, fully dedicated to European unity. We share his family’s sadness and express our deepest condolences. We will all remember Tommaso with great admiration and deep affection. We shall miss him profoundly.