By Ralph Atkins in Frankfurt

Sweeping change at the top of the European Central Bank moves a step closer this week when Jean-Claude Trichet, president, chairs his last interest rate-setting meeting.

Amid the eurozone debt crisis, the veteran French technocrat?s final days in office are proving tumultuous. Italy?s Mario Draghi, who takes over as ECB president on November 1, will inherit an institution in crisis-fighting mode.

With the 17-country region on the brink of recession, the ECB could on Thursday discuss an interest rate cut?although high inflation might stay a decision. Extra liquidity help for eurozone banks is expected to be announced.

Adding piquancy, the ECB will meet in Berlin, the German capital, where opposition to its controversial government bond purchases has been fiercest.

Upcoming changes in the ECB?s management go wider than just the presidency, however, and could give Mr Draghi a freer hand in shaping the central bank?s strategy.

Although he will need to build consensus behind decisions, his background points to more of a focus on economics and less on eurozone politics, analysts argue. ?Mr Draghi will be in a very powerful position in terms of stamping his own economic philosophy on to the ECB,? said Julian Callow, European economist at Barclays Capital.

The ECB president heads a six-man executive board. Of the others, J?rgen Stark, Mr Trichet?s German colleague, announced his resignation last month and will leave by the end of the year. Although he cited ?personal reasons?, Mr Stark has been alarmed at the extra responsibilities taken on by the ECB.

Italy?s Lorenzo Bini Smaghi might also leave soon. When eurozone leaders confirmed Mr Draghi as the next ECB president in June, France voiced concern that Italy would have two representatives on the executive board, while it had none. To prevent a last minute hiccup, Mr Bini Smaghi indicated he might stand aside – although a suitable alternative job has not yet been found.

Of the board?s other three members, Portugal?s V?tor Const?ncio, ECB vice-president, joined only in June last year, and Belgium?s Peter Praet in June this year. The term of Spain?s Jos? Manuel Gonz?lez-P?ramo expires on May 31 next year.

As a result, the entire executive board may have changed in just two years – a turnover unprecedented in the ECB?s 13-year history. The board members have eight-year, non-renewable terms and serve on the ECB?s ruling governing council, which also includes central bank governors from the 17 eurozone countries.

Unlike Mr Trichet, Mr Draghi has a background as an academic economist. He has a doctorate from Massachusetts Institute of Technology and taught economics and finance at Italian universities.

Most analysts expect J?rg Asmussen, Germany?s nominee to succeed Mr Stark, to take over his compatriot?s responsibilities for the ECB?s economics division?a position occupied by a German since the ECB?s creation in 1998.

But Mr Draghi might exert more influence over the department and its policy recommendations than his predecessor.

?What we have seen with academic economists in charge of central banks is that they are not shy about taking bold action on monetary policy. When the logic is strong enough, they act,? said Mr Callow.

However, the revamped ECB leadership might strike a softer tone in relations with eurozone governments. As the eurozone debt crisis escalated, Mr Trichet, a former French Treasury director, clashed frequently with politicians he believed were not reacting quickly enough or failing to take sufficiently bold fiscal austerity measures.

Mr Stark was also a fierce defender of central bank autonomy.

?Mr Trichet was combative with governments?and sometimes blunt,? said Gilles Moec, European economist at Deutsche Bank. ?I am not sure the new guys will be as tough. Perhaps you need a little more trust and accommodation.?

? The Financial Times Limited 2011