Greece’s finance minister Kyriakos Pierrakakis has been elected president of the Eurogroup, a development seen as a milestone in the country’s economic rehabilitation ten years after it came close to exiting the eurozone. His appointment is widely interpreted as a vote of confidence in Greece’s reform path and in his ability to steer discussions at a crucial time for the European economy.
Officials cited by Euronews said that ministers viewed Pierrakakis as a constructive and consensus-building candidate who embodies a positive narrative for the bloc. His rival, Belgium’s Budget Minister Vincent Van Peteghem, entered the race with a solid track record, particularly following his stewardship of complex financial files during Belgium’s rotating EU presidency. However, his bid became overshadowed by political tensions related to a reparations loan for Ukraine, which Belgium opposes though most member states support it.
Although diplomats had anticipated a tight race, Pierrakakis ultimately secured broad support and emerged as the preferred candidate.
He will formally take over on 12 December, succeeding Paschal Donohoe, who stepped down earlier than expected after accepting a senior role at the World Bank in Washington.
The Eurogroup brings together euro area finance ministers to shape key economic policies, including the capital markets union and the investment union. These files are increasingly critical as Europe faces intensified global competition, ranging from China’s expanding economic influence to new US tariff policies.
The agenda Kyriakos Pierrakakis is expected to set
Kyriakos Pierrakakis’s proposal for the Eurogroup focuses primarily on economic reforms such as strengthening cross-border investments, reinforcing the single market, and ensuring that the digital euro supports Europe’s stability and strategic autonomy.
At the same time, the Greek Minister of National Economy and Finance has spoken of a eurozone that must operate more strategically in an era of global competition and rapid technological change. According to the report, this is an approach he successfully advanced in Greece and one he aims to bring to Brussels.
As he has noted, the challenge is not more analysis, but more action.
Who Is the New Head of the Eurogroup
Kyriakos Pierrakakis is a political scientist and computer scientist who assumed the position of Minister of National Economy and Finance in March 2025.
Before that, he served as Director of Research at the independent, non-profit research and analysis organisation “diaNEOsis”, Minister of State and Digital Governance, and Minister of Education, Religious Affairs and Sports. He also holds academic credentials from the Harvard Kennedy School and the Department of Informatics at the Athens University of Economics and Business.
From his position at diaNEOsis, he coordinated a series of research teams producing studies focused on the economic and productive reconstruction of the country. Earlier in his career, he worked at research institutes in Greece and abroad on issues related to digital policy.
This background proved useful in his role as Minister of State and Digital Governance, during which both the ministry and Pierrakakis himself received multiple distinctions.