Economy and Finance Minister Kyriakos Pierrakakis speaks during a New Economy Forum titled “Strategies for the Future: Digitalization of the Economy and AI” at the IMF/World Bank 2025 Annual Meetings in Washington DC, US, Thursday. [Ken Cedeno/Reuters]
Greece’s Economy and Finance Minister Kyriakos Pierrakakis and Belgium’s Deputy Prime Minister and Budget Minister Vincent Van Peteghem have formally submitted their candidacies to become the next president of the Eurogroup, the European Council has announced.
Eurozone finance ministers will elect the new president at their meeting on 11 December. The position, which carries a renewable two-and-a-half-year term, is decided by simple majority – at least 11 of the 20 votes. If no candidate reaches that threshold in the first round, additional rounds will be held, with candidates free to withdraw between ballots.
Any sitting eurozone finance minister is eligible for the role, which involves coordinating economic policy across the eurozone and preparing Euro summit meetings.
The vote follows the resignation of Ireland’s Paschal Donohoe ten days ago to take up a new role at the World Bank. Cyprus Finance Minister Makis Keravnos has been serving as acting president since then.
Pierrakakis formally outlined his candidacy in a “motivation letter” that argues that the currency bloc needs “coordinated execution” and a more unified strategic direction as it confronts mounting geopolitical and economic challenges.
In a letter to his fellow eurozone finance ministers, Pierrakakis said outdated categorizations between “North and South” or “frugal and flexible” no longer reflect Europe’s needs, citing shared priorities such as defense capacity, technological sovereignty, innovation and competitiveness. He warned that geopolitical uncertainty, including Russia’s war in Ukraine, underscores the need for greater unity and resilience.
If elected, Pierrakakis said he would focus on four priorities: creating a Savings and Investments Union to unlock trapped capital and boost investment; supporting the completion and strategic direction of the Single Market; advancing the digital euro within a broader push for technological sovereignty; and safeguarding macroeconomic stability through credible fiscal and financial frameworks.
He also called for a “focused, agile and inclusive” Eurogroup that works closely with ECOFIN – the council of EU economics and finance ministers – while maintaining a distinct, strategic role for the eurozone.
Reflecting on Greece’s recent experience, he said the country’s crisis underscored both the cost of complacency and the value of European solidarity, adding that the eurozone must act with “unity of purpose” to secure long-term stability and competitiveness.
This story has been updated.