WIM DUISENBERG, the first president of the European Central Bank (ECB) and a founding father of the euro, was found dead at his villa in the south of France yesterday.

The 70-year-old Dutchman, who headed the ECB from June 1998 until autumn 2003, was discovered in the pool of his villa in the village of Faucon.

Rescuers were unable to revive Mr Duisenberg after he was found yesterday morning, and French authorities said last night that he had “died a natural death, due to drowning, after a cardiac problem”.

European leaders paid tribute to Mr Duisenberg, who has lived quietly since stepping down from the ECB, to be succeeded by Jean-Claude Trichet. During his time at the helm of the Frankfurt-based central bank, Mr Duisenberg revelled in the nickname of “Mr Euro”. However, his stormy tenure was marked by controversies, during which he was blamed for the sluggish economic performance of the 12-nation eurozone, and for a prolonged decline in the euro’s value. Famously, Mr Duisenberg dismissed demands from eurozone politicians for a cut in interest rates with the phrase “I hear, but I don’t listen”.

Despite some blunders, politicians and economists said that he would be remembered with respect. Dominique de Villepin, the French Prime Minister, said: “Mr Duisenberg has played an essential role in the introduction of the single currency and for the stability of the euro, which is establishing itself as an engine of European construction.”