A Eurogroup meeting is expected to begin at 15:00 Brussels time on Thursday, with attention focused on the election of its new president. Greek Finance Minister Kyriakos Pierrakakis is competing with his Belgian counterpart, Vincent Van Peteghem, for the position of Eurogroup president, following the resignation of the previous president, Paschal Donohoe. Until the election of the new president, duties are being carried out by Makis Keravnos, the Minister of Finance of the Republic of Cyprus.
The new Eurogroup president assumes office the next day, December 12, and the term of the new president is 2.5 years. The President is elected by a simple majority of the votes of the eurozone finance ministers-that is, with at least 11 out of 20 votes.
