The departure of Paschal Donohoe from his position as Ireland’s Minister of Finance — and consequently from the helm of the Eurogroup — sets in motion changes in the architecture of the body. According to the Financial Times, the Greek Minister of National Economy and Finance, Kyriakos Pierrakakis, is among the main contenders for the post.

Specifically, Donohoe’s exit triggers the succession process, with certain personalities currently considered the most likely to assume his responsibilities.

One of the key contenders, according to the Financial Times, is the Greek Finance Minister Kyriakos Pierrakakis, a member of New Democracy and the European People’s Party (EPP). Meanwhile, as Bloomberg reports, Greece would be interested in securing the top Eurogroup position, with Pierrakakis among the leading potential candidates. The outlet recalls the Greek minister’s recent remarks to Bloomberg, in which he said that a top post in the European Union “would signal the success of the Greek economy in recent years.”

The Irish Times also mentions a trio of “potential” candidates to take the helm of the council of the eurozone’s economic “tsars,” including Kyriakos Pierrakakis.

Another candidate is Belgium’s Deputy Prime Minister and Budget Minister Vincent Van Peteghem, also from the European People’s Party (EPP). Van Peteghem currently shares Eurogroup-level responsibilities with Belgium’s Finance Minister Jan Jambon. He had considered running in the previous election process but chose not to challenge the then-incumbent Donohoe.

The report, however, does not rule out a new candidacy from the social democratic/centre-left camp. Spain’s Economy Minister Carlos Cuerpo, who withdrew from the previous race once it became clear Donohoe would prevail, again appears as a potential contender.

The article notes that EPP ministers hold the majority of seats in the Eurogroup, making support for a candidate from the same political family likely.

A Eurogroup spokesperson announced that until the new president is elected, Cyprus’ Finance Minister Makis Keravnos will serve as acting chair. Electing a new president requires a simple majority among eurozone finance ministers, and the next vote could take place as early as December.

No official procedure yet

Although no official process has begun, the election is expected to take place as soon as possible, amid negotiations and balancing among Europe’s political families.

Just days ago, the Eurogroup tasked Pierrakakis with chairing a session on digital finance, while he recently participated in an expanded meeting on the future of the digital euro and cryptocurrencies.

This assignment reflects recognition of his experience as former Minister of Digital Governance, where he transformed public services through the gov.gr platform and its applications.

Political balances

Behind the scenes, whatever the outcome, the decision will depend on the balance of power between political families. Today, in the Eurogroup’s 20 eurozone finance ministers, 7 belong to the European People’s Party (EPP), 7 to socialist parties, and 6 to liberal or other political groups. Donohoe was a member of the EPP, while his opponents in the last election in July (Spain’s Cuerpo and Lithuania’s Šadžius) were socialists.

“Influential” interventions

Moreover, Pierrakakis has taken a leading role in discussions on removing internal barriers and enabling cross-border mergers and acquisitions, supporting the Draghi report. “We need a single European market. And the only way to achieve this is to move forward as quickly as possible,” the minister emphasized in a recent intervention at the Eurogroup and ECOFIN, raising issues and setting goals at a time when the European Union is seeking direction.