The Board of Governors of the European Stability Mechanism (ESM), the EU’s permanent bailout fund, appointed on Thursday the president-elect of the Eurogroup Mario Centeno as its Chairman.
Centeno, whose term officially begins on 13 January 2018, succeeds Jeroen Dijsselbloem, in both positions as president of the Eurogroup and ESM Board of Governors head.
“I am honored that my colleagues have entrusted me with this position. I will work closely with them on the ESM Board of Governors to form the consensus that is necessary to build a stronger Monetary Union,” said Centeno after his appointment.
The ESM Board of Governors forms the highest governing body of the ESM and comprises the Ministers of Finance of the 19 euro area member states. ESM based in Luxembourg has the mandate to preserve financial stability in the euro area by providing financial assistance to the EU Member States with severe financing problems. It is a permanent intergovernmental institution, operating since October 2012.
ESM Managing Director Klaus Regling congratulated Centeno, acknowledging his role in Portuguese economy’s success story. “As Portuguese Finance Minister, he played a major role in making his country one of the success stories among former programme countries. Under his leadership, the ESM Board of Governors will work on important issues, such as the conclusion of the ESM programme for Greece and the future role of the ESM.”