Eurozone finance ministers vote on new Eurogroup chief as EU debates using frozen Russian assets for Ukraine, with Belgium opposing the plan
BRUSSELS: Finance ministers from the euro area will elect a new Eurogroup president on Thursday.
The vote coincides with a crucial EU debate on using frozen Russian central bank assets to fund a loan for Ukraine.
Belgium’s Vincent Van Peteghem and Greece’s Kyriakos Pierrakakis are candidates to replace Ireland’s Paschal Donohoe.
Donohoe resigned unexpectedly in November after being re-elected for a two-and-a-half-year term in July.
Pierrakakis, 42, has served as Greece’s finance minister since March.
Van Peteghem, 45, has overseen Belgium’s finances since 2020 and advocates for fiscal discipline.
His candidacy is notable as Belgium opposes the European Commission’s plan to use frozen Russian assets.
The proposal involves tapping around EUR 200 billion of Russian funds frozen in the bloc.
Most of these assets are held by the Brussels-based clearing house Euroclear.
Belgium fears potential financial and legal reprisals from Moscow.
It has warned the move could undermine confidence in the eurozone economy.
The issue will be discussed by EU finance ministers at a dinner after the Eurogroup vote.
The new Eurogroup chief requires a simple majority from the 20-member panel.
The body coordinates economic and budgetary policies for the eurozone.
Bulgaria will join the euro area on January 1, expanding it to 21 members.
The Eurogroup will also launch the nomination process for the next European Central Bank vice-president.
Incumbent Luis de Guindos of Spain ends his term at the Frankfurt-based ECB in May 2026. – AFP
