The Board of Governors of the European Stability Mechanism (ESM) appointed Kyriakos Pierrakakis as its President, effective December 12, for a term of 2.5 years.

The ESM’s Managing Director, Pierre Gramegna, stated: “I congratulate Kyriakos Pierrakakis on his appointment as Chair of the ESM Board of Governors. This appointment also acknowledges how far Greece has recovered from the economic crisis of the past decade, with the ESM being proud to have been a partner on this journey. Mr. Pierrakakis’ leadership will undoubtedly help advance the shared goal of stability and prosperity throughout the eurozone.”

The Board of Governors is the highest decision-making body of the ESM and consists of the Finance Ministers of the eurozone member states. Its most important decisions require unanimity, including decisions on lending funds to an ESM member state.