Mr Trichet is a widely respected banker

France had been lobbying EU leaders at a three-day summit in Greece to adopt the Bank of France governor as their official candidate for the role on Thursday.

But Greece, which holds the rotating EU presidency, said a decision would have to wait until the next EU summit in October as finance ministers and the European Parliament must discuss the matter first.

Mr Trichet is set to replace outgoing ECB chief Wim Duisenberg, a move made possible by Mr Trichet's acquittal over charges of involvement in the Credit Lyonnais banking scandal in the 1990s.

Mr Trichet, 60, was one of nine men on trial for their part in the affair, which culminated in a 31bn-euro ($33.7bn) bailout by the government.

Disastrous investments

Mr Trichet is a highly-respected central banker, and few doubt that he is qualified for the job of ECB president which includes setting interest rates for the 12-nation eurozone.

One of France's biggest banks, Credit Lyonnais, ran into serious trouble following a series of disastrous investments in the late 1980s and early 1990s.

In 1992 and the first half of 1993, the bank's financial situation was so dire that its very solvency was in doubt.

Official accounts signed off by Mr Trichet, who was Treasury Secretary at the time, did not reflect this.

Mr Trichet says he was deceived by Credit Lyonnais, and was never part of a cover-up.

Former Bank of France governor Jacques de Larosiere was also acquitted but former Credit Lyonnais president Jean-Yves Haberer was handed an 18-month suspended jail sentence.