BRUSSELS (Chatnewstv.com) — Two finance ministers have formally entered the race to become the next president of the Eurogroup, setting up a contest ahead of the December 11 vote to replace outgoing chair Paschal Donohoe.
Kyriakos Pierrakakis, Greece’s minister of economy and finance, and Vincent Van Peteghem, Belgium’s deputy prime minister and budget minister, submitted their candidacies, the Eurogroup said Friday.
The election will be decided by a simple majority of at least 11 of the 20 eurozone finance ministers, in line with Protocol 14 of the EU treaties. “If no candidate secures that majority in the first round, additional rounds will follow, with candidates allowed to withdraw,” the statement said.
Only sitting euro-area finance ministers are eligible. The presidency carries a renewable two-and-a-half-year term and plays a central role in coordinating economic policies among the 20 countries that share the euro.
The Eurogroup — an informal gathering founded in 1997 — meets monthly, typically on the eve of the EU’s Economic and Financial Affairs Council. It prepares Euro Summit discussions and works to promote “conditions for stronger economic growth” across the bloc.
Paschal Donohoe, who first took office in July 2020, stepped down on November 18. Cyprus’ finance minister, Makis Keravnos, has been serving as acting president since.
The Eurogroup held its inaugural meeting on June 4, 1998, in Luxembourg. Its past presidents include Jean-Claude Juncker, Jeroen Dijsselbloem and Mário Centeno.
