After the election of 1972 Duisenberg was appointed as Minister of Finance in the Cabinet Den Uyl taking office on 11 May 1973.

In June 1997 Duisenberg was nominated as the next President of the European Monetary Institute (EMI), taking office on 1 July 1997.

Following his retirement Duisenberg continued to be active as an advocate and lobbyist for balanced governmental budgets, financial regulation and more European integration.

Duisenberg was known for his abilities as a skillful manager and effective negotiator and continued to comment on political affairs until his death after suffering a heart attack and drowning in a swimming pool in July 2005 at the age of 70.

[citation needed] A compromise was agreed upon (although publicly denied by all parties) whereby Duisenberg would serve for at least four years, upon which the Frenchman Jean-Claude Trichet, director of the Banque de France, would take over.

[6] During his tenure at the bank, Duisenberg was known for his cautious monetary policy and for defending the euro through its early years.

He sometimes frustrated investors and politicians by sticking to the bank's inflation-fighting stance, keeping rates higher than some would have liked.

Duisenberg repeatedly said it was up to European governments to pursue structural changes such as loosening rigid rules on hiring and firing personnel if they wanted more growth.

[citation needed] Duisenberg announced he would retire on 9 July 2003 (his 69th birthday), but he remained in office until Trichet was cleared of charges of fraud in connection with the collapse of the French bank Crédit Lyonnais.