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Barnier leads tributes to founder of the euro

Monday 20 December 2010 - by Will Henley

European Commissioner Michel Barnier has paid tribute to one of the architects of the European single currency, Tommaso Padoa-Schioppa, who died suddenly at the weekend.

The former founder member of the European Central Bank's executive board served at the ECB between 1999 and 2006 and was one of the chief advocates for the currency up to its launch.

Barnier, highlighting the Italian's lesser-known role at the International Accounting Standards Board, said: "I would like to share my sadness at the news of the sudden death of Tommaso Padoa-Schioppa.

"Everybody knows the key role he played in building the euro.

"What people probably know less is the role he played in the major project of international accounting standards - after having accepted the Presidency of the IASB board of trustees.


"The first essential steps of the IASB reform were taken under his impetus, with, as objectives, an ambitious reform of governance and international convergence of accounting standards."

According to reports, Padoa-Schioppa collapsed from a heart attack in Rome on Saturday.

He was Italian finance minister between 2006 and 2008.


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