Following the exclusive revelation by “Parapolitika 90.1” that Kyriakos Pierrakakis will be a candidate for Eurogroup president, with high chances of succeeding the recently resigned Pascal Donohoe, a cascade of questions followed about whether this information has substance. It didn’t take long for the British Financial Times to publish a report confirming that Kyriakos Pierrakakis is indeed one of the main contenders for the position.
What government sources say about Pierrakakis’ candidacy for Eurogroup presidency
However, according to government sources who spoke to parapolitika.gr, it is emphasized that candidacies have not yet been officially submitted, but they stress that it is “very honorable” that both European officials and major foreign media embrace the possibility of the Greek finance minister’s candidacy. According to the same sources, Greece’s intention to put Kyriakos Pierrakakis in the race to succeed the Eurogroup president is not being denied, and they emphasize that “we too read what is being written and said about Kyriakos Pierrakakis and it is very honorable for Greece.” At the same time, they comment to parapolitika.gr that “it is logical for Pierrakakis’ candidacy scenario to be promoted since Greece is now on an upward trajectory with a vote of confidence from international credit rating agencies.” “At the same time,” the same sources add, “Kyriakos Pierrakakis comes from the European People’s Party, which is a very important parameter, while he himself is very active in Eurogroup meetings.” Finally, it is emphasized that his successful contribution to the country’s digital transformation is another plus for his candidacy.
It should be noted that if Kyriakos Pierrakakis is elected Eurogroup president, he would be the first Greek president of the Eurogroup. However, the biggest hurdle the Greek minister has to overcome is his rival from the European People’s Party, Belgian Vincent Van Peteghem, who, although he has not yet announced his candidacy, is considered one of the major favorites.
Van Peteghem is the Belgian deputy prime minister and budget minister who currently shares Eurogroup duties with Belgium’s finance minister Jan Jambon. He had considered running in the previous selection process but chose not to challenge the then-incumbent president Donohoe. However, as the Financial Times reports, the possibility of a new candidacy from the social democratic/center-left wing cannot be ruled out. Spanish economy minister Carlos Cuerpo, who withdrew from the race last time when it became clear that Donohoe would prevail, appears again as a potential contender.
Meanwhile, during the one-month period until the election of the new Eurogroup head, it was announced that Cypriot finance minister Makis Keravnos will serve as acting president. This is because Pascal Donohoe is resigning immediately from the Eurogroup presidency to assume a position at the World Bank, resulting in Makis Keravnos being selected since Cyprus is the next country to assume the rotating presidency of the bloc.
Pascal Donohoe has been head of the eurozone finance ministers’ group since 2020. On November 24, he will climb to the No.2 position at the World Bank, taking on the role of managing director and chief executive of Knowledge and will work in Washington. “It has been a privilege to serve my European colleagues these five years,” Donohoe said in yesterday’s statement, noting that he looks forward to continuing public service through his new role, contributing to the Bank’s mission to eliminate extreme poverty and boost shared prosperity. “The opportunity to serve as Eurogroup president has been one of the greatest honors in my public life. Together with my Eurogroup colleagues, we faced many challenges, such as the Covid pandemic, the effects of soaring inflation due to the unjustified war against the Ukrainian people, as well as the consequences for Europe of a rapidly changing world,” he said. “I believe we advanced the euro, including through fiscal policy coordination, expansion to include Croatia and Bulgaria, as well as our work on Capital Markets Union, the Digital Euro and Banking Union,” he concluded.
The selection of the new president requires support from a simple majority of eurozone finance ministers.
