Today’s Eurogroup meeting is expected to place Kyriakos Pierrakakis at the helm of the forum of the 20 eurozone finance ministers. The Greek finance minister needs 11 votes to overcome his Belgian opponent, Vincent Van Peteghem—an outcome that many observers view as attainable. The new Eurogroup president will be chosen by simple majority.
The voting process will begin halfway through the meeting, following discussions on member-state budgets and the IMF’s assessment of the eurozone economy. With only two candidates in the race, the procedure is likely to conclude quickly. After each presents his strategic vision, ministers will hold a first secret ballot. Should the runner-up choose not to withdraw, a second vote will be held to allow the 20 ministers to confirm the winner unanimously.
Although both candidates belong to the European People’s Party, the contest remains unpredictable, with Germany’s vote seen as especially decisive. Pierrakakis enters the race bolstered by Europe’s recognition of Greece’s economic progress in recent years and by discontent among Central and Eastern European countries over Belgium’s stance on the frozen Russian assets held in a Belgian financial institution. Van Peteghem counters with his long-standing experience within the Eurogroup and his reputation for forging compromises as part of a multi-party governing coalition.
The stakes are heightened by the fact that the new Eurogroup president will, on the very day of his election, need to initiate the process of selecting the next vice-president of the European Central Bank, as Luis de Guindos’ term expires in May.
