Four countries in competition to lead the European stability mechanism – EURACTIV.com

Four countries in competition to lead the European stability mechanism - EURACTIV.com

In October 2022, at the end of the order of Claus Wreggling, Director General of the European Stability Mechanism (ES‌M), their government nominated four successors.

Eurozone finance ministers will discuss the candidates at a meeting on May 23 and select Mr. Regling’s successor on June 16. The winning candidate must receive 80% of the vote and be elected head of the MES for five years.

ESM is an intergovernmental organization that brings together all members of the eurozone who are responsible for supporting financially distressed member states – for example, if they can no longer repay their public debt or threaten to destabilize their financial sector. The economy of the country.

It was established in October 2012 as the successor to the European Financial Stability Facility (EFSF), creating a temporary safety net to provide emergency assistance to Greece, Ireland and Portugal during the Eurozone crisis.

However, in order to qualify for financial assistance, countries must submit a formal request and commit to undertaking reforms.

Candidates

The governments of Italy, the Netherlands, Portugal and Luxembourg nominated their candidates shortly before the deadline of Monday, May 2, according to a press release issued by Pashchal Donoho, Ireland’s finance minister and chairman of Eurogroup.

Prior to joining the European Commission, Italy appointed Marco Booty, Director – General of Economic Affairs, to the European Commission from 2008 to 2019.EconomyPaulo Gentiloni as Chief of Staff.

Currently, Mr. Butty is one of the pioneers of the reform of the macroeconomic governance framework and economic framework to be proposed by the end of this year.

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Meanwhile, the Dutch government appointed Meno Snell, who served as state finance secretary from 2017 to 2019.

Portugal nominated Joao Leo, who served as finance minister in the Costa government from 2020 to March 2022.

Luxembourg has appointed Pierre Gramegna, a former finance minister from 2013 to January 2022.

So Eurozone finance ministers will have the opportunity to vote for one of their former colleagues, succeeding current chief executive Close Regling.

The end of a long career

So far, 71-year-old Klose Regling has served as ESM’s first and only chief executive during the 2012 eurozone debt crisis.

He was Marco Butti’s predecessor to the European Commission’s Director – General for Economic Affairs from 2001 to 2008. Wrestling. He served in the German Ministry of Finance in the early 1990s. The economic and monetary union that still exists today.

By the end of 2021, Mr Wrangling had publicly criticized EU tax laws and helped enforce them.“Financially absurd”.

“Politicians need to know that a country can borrow a lot”He said ESM economists had argued that the public debt ceiling should be increased in view of the low interest rate environment.

Mr Regling’s term ends on October 7, after which the new chief executive takes office amid high levels of financial uncertainty and high levels of public debt.

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