Trichet to head bankers' think tank

(WASHINGTON) - Former head of the European Central Bank Jean-Claude Trichet is to lead the Group of 30, an economic think tank dominated by policy makers, the organization said Tuesday.

Trichet will become chairman and the chief executive officer of the G30, after eight tumultuous years at the rudder of the eurozone's central bank.

"This is a time of exceptional challenges to the global economic and financial system, and the G30 will continue to make significant contributions to the policy debate and enhance understanding of the critical paths to stability and to economic growth," Trichet said in a statement.

The group describes itself as "a private, non-profit, international organization" and counts former and current monetary policy makers as members.

Members of the group include former Federal Reserve chairman Paul Volcker, Mario Draghi the current President of European Central Bank and Mervyn King, Governor of the Bank of England.

Trichet will replace Jacob Frenkel, former governor of the Bank of Israel in his post.