Eurogroup to decide on ESM chief at Luxembourg meeting
After two rounds of voting three candidates remained in the race on Monday night for the position of director-general of the European Stability Mechanism. Luxembourg’s candidate Pierre Gramegna, a former finance minister, will have to win the support from southern European countries if he is to succeed Klaus Regling in October. A decision now is expected at the 16 June Eurogroup meeting in the Grand Duchy.
As ESM's Regling steps down, Gramegna holds good cards
Luxembourg, Italy, Portugal and the Netherlands have all put forward candidates to succeed Klaus Regling as the head of the European Stability Mechanism, the 500-billion-euro eurozone bailout fund known as ESM. On Monday, the Eurozone finance ministers are due to decide on a successor for Regling, who steps down after a ten-year tenure and leaves behind a legacy at the Luxembourg-based ESM.
Luxembourg supports single EU supervisor for markets
The European Union needs to establish a single supervisory body for financial markets in order to boost the development of market finance towards creating a true single European financial market and turning the widely-discussed Capital Markets Union plans into reality. “We should not hide away from some unpleasant truths,” said Yves Mersch, former ECB board member.