The Minister of Economy and Finance of Greece, Kyriakos Pierrakakis, is a candidate for the presidency of the Eurogroup, along with his Belgian counterpart, the EU Council announced today.
Specifically, two ministers submitted their candidacy for the presidency of the Eurogroup: Kyriakos Pierrakakis, Minister of Economy and Finance of Greece, and Vincent Van Peteghem, Deputy Prime Minister and Minister of the Budget, responsible for Administrative Simplification, of Belgium.
The election of the new president will take place at the next meeting of the Eurogroup, on December 11. The president is elected by a simple majority, meaning with at least 11 out of the 20 votes.
According to the relevant announcement, if none of the candidates receives at least this simple majority at the end of the first round of voting, the candidates will then have the opportunity to withdraw their application. Voting will continue until a simple majority is achieved for one of the candidates.
Any finance minister from a eurozone member state can be elected president of the Eurogroup. The candidate must be a serving member of the Eurogroup at the time of the election. The president is elected for a term of two and a half years and the term can be renewed.
APE-MPE
