Eurogroup Set to Elect New President Today Amid Key Economic Discussions

Eurozone Finance Ministers Convene for Leadership Vote

Finance ministers from the Eurozone are meeting today, December 11, in Brussels to elect the new President of the Eurogroup. The crucial vote will see Belgium's Vincent Van Peteghem and Greece's Kyriakos Pierrakakis compete for the influential position, which became vacant following the unexpected resignation of Ireland's Paschal Donohoe.

The election is a significant event for the 20-member bloc, as the new president will play a pivotal role in coordinating economic policies and navigating the Eurozone's financial landscape for a two-and-a-half-year term.

The Contenders: Van Peteghem and Pierrakakis

The two main candidates, both from the centre-right European People's Party (EPP), bring distinct profiles to the race:

• Vincent Van Peteghem: The 45-year-old Belgian Deputy Prime Minister and Finance Minister has overseen Belgium's finances since 2020. Known for advocating fiscal discipline, his candidacy is notable as Belgium has expressed opposition to the European Commission's plan to use frozen Russian assets for Ukraine, fearing potential financial and legal repercussions. Van Peteghem's experience includes successfully steering EU finance minister meetings during Belgium's Council presidency.
• Kyriakos Pierrakakis: The 42-year-old Greek Finance Minister assumed his current role in March. Pierrakakis is regarded as a dynamic contributor to Eurogroup discussions and has campaigned on Greece's economic revival story, aiming to demonstrate the country's journey from crisis to a potential leadership role within the Eurozone. His vision includes priorities such as the liberalization of European capital, completion of the single market, and the digital euro.

The election requires a simple majority, meaning at least 11 votes from the 20 finance ministers.

Unexpected Vacancy and Broader Agenda

The need for a new president arose after Paschal Donohoe, who was re-elected in July 2025 for a second term, unexpectedly resigned in November to take on a senior role at the World Bank. Cyprus's Finance Minister, Makis Keravnos, has been serving as interim Eurogroup president.

Beyond the leadership election, today's Eurogroup meeting has a packed agenda. Finance ministers will discuss the latest macroeconomic developments and outlook, exchange views with the International Monetary Fund on euro area policies, and review the overall budgetary situation based on Commission Opinions on Draft Budgetary Plans. The meeting will also officially launch the nomination process for the next European Central Bank (ECB) vice-president, as incumbent Luis de Guindos's term ends in May 2026.

Outlook for the Eurozone

The election outcome is being closely watched by financial markets and policymakers, as the new president will be instrumental in shaping the Eurozone's economic agenda and fostering cooperation among member states. The incoming chief will face ongoing challenges, including discussions on the use of frozen Russian assets and navigating the bloc's economic stability and growth.