The former finance minister of Luxembourg will assume his duties from December 1 and for the next 5 years
Former Luxembourg finance minister Pierre Gramenia was elected its head today European Stability Mechanismof the euro zone rescue fund, after months of confrontation between the Eurogroup member countries.
The 64-year-old Gramenia will assume his duties on December 1st and his term will be five years, EMS said in a statement. He succeeds Germany’s Klaus Regling, who for ten years headed the fund, which was founded in 2012 amid the financial crisis. Regling’s term ended on 7 October and his duties were temporarily filled by Christoph Frankel.
For months, the 19 eurozone finance ministers have been unable to agree on Regling’s succession. Gramenia was supported by Germany while former Portuguese finance minister João Leão was supported by France and Italy. Both were forced to withdraw from the race last month after neither received the required 80% of the vote. Gramenia eventually returned – and won the post – after France and Italy’s new government dropped their objections to him.
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