Belgian Budget minister loses Eurogroup president election
Greek Finance minister Kyriakos Pierrakakis was elected president of the Eurogroup on Thursday, defeating Belgian Budget minister Vincent Van Peteghem, the only other candidate.
The Eurogroup needed a new chair after Irish president Paschal Donohoe announced last month that he would step down to join the World Bank. Pierrakakis and Van Peteghem, both members of the centre-right European People's Party, were the sole contenders to replace him.
The 20 Finance ministers of the eurozone voted in Brussels on Thursday. According to a Greek government official quoted by Euractiv, Van Peteghem withdrew once it became clear he lacked sufficient support. A simple majority was required, and the Belgian minister had secured only five votes.
Tensions over the use of frozen Russian assets may have weakened Van Peteghem's bid. Ahead of the meeting, he told ANP that Belgium's stance on the issue might "cost him points", though he insisted Belgium would not alter its position in exchange for the presidency.
Greek turnaround
Pierrakakis's election is notable given Greece's position at the height of the eurozone crisis a decade ago. "Greece has come such a long way in the past 10 years," European Council president Antonio Costa wrote on X, calling the result "a meaningful recognition of that progress".
Pierrakakis will serve a renewable term of two and a half years.
#FlandersNewsService | Belgian Finance minister Vincent Van Peteghem speaks with Greek Finance minister Kyriakos Pierrakakis. © NICOLAS TUCAT / AFP
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