Portuguese finance minister Mario Centeno wins the Eurogroup presidency race in the second round against Luxembourg’s Pierre Gramegna, as the Slovakia’s Peter Kazimir and Latvia’s Dana Reizniece-Ozola dropped out after the first round.

The position of the Eurogroup president formally involves chairing monthly meetings of the 19 finance ministers of the eurozone. Centeno is expected to take over the Eurogroup presidency in January when former Dutch minister Jeroen Dijsselbloem will step down after five years in the post.

“Its an honor due to the relevance of the group,” said the new president-elect Centeno immediately after the first part of the meeting and the voting session in Brussels. Speaking to the press along with the outgoing leader of the Eurogroup Dijsselbloem. “It was obviously a very fair and democratic race”, added Centeno looking forward to the 13 of January, when he will chair his next meeting. “I will be the president”, said Centeno to add that “the big job has to be done by all the member states that are part of the Euro along with the European Commission”.

Centeno thanked Dijsselbloem for his heritage at the position and his colleagues that took part in the race. Dijsselbloem, along with the European Commissioner for Financial Affairs Pierre Moscovici and the Vice-President for Euro Valdis Dombrovskis congratulated the newly elected president.

The European Commission president Jean-Claude Juncker has sent Centeno a congratulating letter, suggesting that the new president-elect has all the “qualities for the task ahead”. Juncker appeared confident that it is “time to turn the page of the crisis. Today’s robust economic growth gives a window of opportunity to move ahead and ensure that our Economic and Monetary Union is more united, efficient and democratic, and that it works for all our citizens”.