The bell has rung and the first Eurogroup meeting with the new chairman, Kyriakos Pierrakakis, has become reality. The Minister of National Economy and Finance spoke of a “special meeting” for him personally, as it was his first session. With the World Economic Forum in Davos ante portas and amid geopolitical and geoeconomic instability, the new Eurogroup president is expected to work on “unity” and “coordination,” which are key to restoring calm and helping the global economy address its challenges.
Indeed, Kyriakos Pierrakakis received a significant gift. He spoke of a “historic moment” when he received from Bulgaria’s Finance Minister “one of those coin sets that were distributed in Bulgaria,” the country that joined the eurozone 19 days ago. “This was a special Eurogroup meeting for me, as it was the first time I chaired a session since my election in December. I look forward to working with my colleagues to implement our common priorities and address the challenges ahead,” said Kyriakos Pierrakakis after the session concluded.
Kyriakos Pierrakakis: The first speech
Initially, Kyriakos Pierrakakis expressed his condolences for the tragedy in Spain. In his first speech, he set the tone not only for Monday’s January 19 session, but for his governance overall. “I would like to begin by expressing my condolences to the families and loved ones of the victims of the railway tragedy in Spain this month, and I want to say our thoughts are with the Spanish people. I would like to add that we meet today in the aftermath of international developments in a fragile geopolitical environment where European unity is of great importance, with dialogue being essential, as is cooperation among European states to defend the fundamental values of territorial sovereignty and commitment to International Law.
This is the first Eurogroup of the year. We are all looking forward to the first one I will chair in my new capacity as Eurogroup president. With respect to foreign policy priorities, I will begin by repeating what I said last December that we have a common line, unanimity regarding policy priorities. The Banking and Capital Markets Union, completion of the single market, strengthening the Union’s fiscal institutions, the digital euro. We will be judged on tangible results and will need to be flexible and fast. We will need to give our strategy a synonym for tradition, and I absolutely believe that together with my Eurogroup colleagues we can collectively achieve this, see the result of this Eurogroup program with a sense of respect, but also with a sense of urgency,” emphasized the new Eurogroup president in his first message.
Additionally, he welcomed Bulgaria’s Finance Minister, the 21st member of the eurozone, Peter Dilov: “Today we welcome Bulgaria as a full member of the Eurogroup for the first time since becoming a member on January 1st. This is proof of the collective strength of the euro community. We will have the opportunity to be briefed by Bulgaria’s Finance Minister about this transition and what is happening.” Finally, he emphasized: “We will discuss the euro community and projections for 2026, eurozone policy priorities after receiving briefing from the European Commission.
We also have updates on G7 developments. France has taken over the G7 presidency this year, so Minister Lescure will be able to provide updates on France’s priorities. The final item on the agenda, the ECB vice-president position. We have received six excellent candidacies. This is an unexpected level of interest, but I believe we have institutional maturity to take significant steps, starting from today. So we can reach a candidacy, thank you very much,” he concluded.
“Competitiveness, resilience and stability”
Kyriakos Pierrakakis commented on the ministers’ discussion about eurozone governance on Monday, January 19, saying that “the focus is on competitiveness, resilience and macroeconomic and financial stability of the eurozone. Our deputies and experts will begin working toward completing recommendations for agreement at next month’s February meeting.” As he said, “we are in an extremely unstable geopolitical framework,” “where dialogue remains essential and unity and coordination are key. The global economy faces many challenges. Resilience alone is not enough for the future. We must return to a path of sustainable economic growth and dynamism. The Eurogroup commits to doing its part. A strong starting point will be agreement on a strong set of priorities when we review eurozone recommendations next month and, most importantly, ensuring we implement them.”
Indeed, the discussion about Greenland and Donald Trump’s threats of new tariffs on European countries was subsidiary, as the Eurogroup president emphasized it was not on the agenda. As he said, “for Europe, territorial integrity and sovereignty are not simply policy positions, but fundamental principles of international law – principles that are essential not only for EU member states, but for the international community as a whole.” In this context, “dialogue remains key,” as a fundamental de-escalation tool, according to him, while “imposing tariffs would undermine transatlantic relations overall and lead to a dangerous downward spiral.”
Additionally, he previewed Thursday’s January 22 meeting, an extraordinary European Council in the shadow of the World Economic Forum in Davos, to assess the situation. He also said that Europe is called to manage these challenges “united, coordinated and committed to defending its sovereignty.” He was categorical regarding eurozone countries’ convergence on basic priorities, such as the Investment Union, completing the Single Market and the digital euro. He also showed that he understands it’s not only about tangible results initially, but they must emerge under time pressure. Indeed, he spoke of connection between ministers, learning more from each other and exchanging policy ideas. He emphasized that he intends to meet with all eurozone finance ministers separately in the coming months to exchange views on Eurogroup policy priorities.
Dombrovskis’s statement
Valdis Dombrovskis also spoke in his capacity as Economic Commissioner. Specifically, he stated that the European Union seeks to clarify its next steps, emphasizing engagement with the United States and seeking constructive solutions. He mentioned that policy consultations are ongoing, with the economically better option being to reach an agreement, especially given that the EU-US trade relationship is the largest globally and much is at stake for both sides.
As he said, “we want to avoid negative scenarios,” but “we are ready to react,” in case constructive agreements cannot be found. Meanwhile, Dombrovskis characterized threats against Greenland’s territorial integrity and sovereignty as “unacceptable,” noting that while the EU seeks constructive cooperation with the US, it remains ready to react. When asked whether there is political will for EU retaliation if necessary, he answered that “all tools are on the table,” reiterating that the EU prefers dialogue but keeps open the possibility of using other means.
“Very positive tone”
Kyriakos Pierrakakis also announced the election of Croatian National Bank Governor Boris Vujčić for the upcoming vacant ECB vice-president position. He will succeed Spain’s Luis de Guindos from June 1, 2026. Besides Croatia, five other eurozone member states had proposed candidates for the position (Portugal, Latvia, Estonia, Finland and Lithuania).
Finally, Pierre Gramegna, Managing Director of the European Stability Mechanism, at the beginning of his speech after the session ended, congratulated Mr. Pierrakakis on his first Eurogroup, emphasizing that “I found that he presided excellently, with productive and constructive discussions. I think you set a very positive tone for your tenure,” he said, addressing the Eurogroup president.
