Finance ministers from Europe’s 20-country single-currency area are set to choose the next Eurogroup chief on Thursday, as the EU weighs a tough decision on using frozen Russian assets to aid Ukraine.
Belgium’s Vincent Van Peteghem and Greece’s Kyriakos Pierrakakis are competing to replace Ireland’s Paschal Donohoe, who resigned unexpectedly as head of the influential panel of eurozone finance ministers.
The 42-year-old Pierrakakis, has overseen Greece’s public finances since March, following earlier roles as minister of digital governance and of education.
Van Peteghem, a staunch advocate of fiscal consolidation in a country with one of the highest debt ratios in the eurozone, has managed Belgium’s financial affairs since 2020, serving in two successive coalition governments.
His candidacy comes as Belgium strongly opposes a European Commission plan to tap around 200 billion euros in Russian central bank assets frozen in the bloc to secure a loan for Ukraine to help it fend off Russia’s invasion.
The Belgian government has voiced concerns over potential financial and legal reprisals from Moscow, warning that the move could also undermine confidence in the broader eurozone economy.
