Kyriakos Pierrakakis announced his candidacy for the presidency of the Eurogroup

Kyriakos Pierrakakis has officially announced his candidacy for the presidency of the Eurogroup, according to sources familiar with his plans, as reported by Bloomberg.

Although K. Pierrakakis has only been serving as Minister of Economy and Finance for eight months, he has earned the respect of his European counterparts, making him one of the favorites to succeed Paschal Donohoe.

The election of the new leader will take place during the next meeting of the finance ministers of the 20 Eurozone countries on December 11 in Brussels, with each country having equal voting rights.

The position of President of the Eurogroup is critical, as the president represents the finance ministers in international forums such as the G7, the International Monetary Fund, and the World Bank, while also coordinating the economic policies of the Eurozone.

The unexpected departure of Irish Minister Paschal Donohoe, who held the position for over five years, opened the process for the election of a new president.