European Union finance ministers will discuss extending Mr Wim Duisenberg's term as president of the European Central Bank (ECB) when they meet on Crete next week.

Mr Duisenberg is due to leave office in July but finance ministers are concerned that his likely successor, Mr Jean Claude Trichet, could still be involved in a high-profile court case that would prevent him from taking up the position.

EU leaders had hoped to agree on Mr Duisenberg's successor at last week's summit in Brussels but doubts over Mr Trichet's future mean that no decision on the post will be made before the summer.

Mr Trichet, the governor of the Banque de France, is accused of knowing that the French bank Crédit Lyonnais falsified its accounts and having done nothing about it.

A Paris court is due to deliver its verdict on June 18th and if Mr Trichet is acquitted, he will almost certainly succeed Mr Duisenberg.

Confirming Mr Trichet's appointment could take several months, making it necessary for Mr Duisenberg to stay in office until September.

If Mr Trichet is convicted of any wrongdoing, the job of ECB president is expected to go to Mr Christian Noyer, who stepped down as ECB vice-president earlier this year, or Mr Jean Lemierre, the president of the European Bank for Reconstruction and Development.