The MEDE Governing Board elects Pierre Gramegna as Managing Director


The Board of Governors of the European Stability Mechanism (ESM), the eurozone bailout fundhas announced the appointment as managing director of Pierre Gramegnacurrent minister of Finance of Luxembourg, as indicated in a statement. The decision has ended the uncertainty about who would fill the position.

Gramegna and his Portuguese counterpart, Joao Leaowithdrew their candidacies for the position in September before a decided lack of support. In this way, the organization was forced to designate as provisional managing director Christophe Frankel at the expiry of Klaus Regling’s term of office.

The appointment will be effective from December 1 for a period of five years. “I would like to congratulate Pierre and wish him the best for lead an institution that is crucial to the stable operation of the euro area”, underlined the president of the ESM Board of Governors, Paschal Donohoe.

For his part, Frankel has communicated that Gramegna is an “excellent option” to lead the European institution for its experience in economics, finance and law. As Luxembourg’s Finance Minister, Gramegna has been a member of the ESM Board of Governors for eight years.


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