Cyprus Mail
Business Europe World

‘Ronaldo of finance ministers’ becomes new Eurogroup chairman

Portugal's Finance Minister Centeno and newly elected President of the Eurogroup is congratulated by outgoing Eurogroup President Dijsselbloem at the European Council in Brussels

Eurozone finance ministers on Monday chose as their next chairman Portugal’s Mario Centeno, once dubbed the “Ronaldo of EU finance ministers” by Germany’s Wolfgang Schaeuble in a nod to his soccer superstar compatriot.

Centeno, 50, will succeed Dutchman Jeroen Dijsselbloem on Jan. 13, chairing monthly meetings of the Eurogroup, which comprises the 19 finance ministers of the eurozone and is the European Union’s most powerful economic policy-setting body.

The Harvard-educated economist has led Portugal through a strong recovery from a 2011-14 debt crisis and a eurozone bailout program. The economy is growing at its fastest pace in at least 10 years and the budget deficit is set to fall to its lowest in many decades.

In May, Germany’s then-finance minister Wolfgang Schaeuble compared Centeno to Portuguese soccer star Cristiano Ronaldo as Portugal was about to exit the EU’s disciplinary procedure for running excessive deficits.

“It is an honour to be the next chair of the Eurogroup,” Centeno told a news conference on Monday. “We have a very unique time window to further prepare our economies and societies, are very much focused on that.”

EU officials see the first six months of 2018 as the best moment to push through difficult reforms of the single currency area, before Britain’s exit form the EU, campaigning before European elections and a change of the European Commission in 2019 take the focus elsewhere.

Centeno was appointed to Portugal’s finance ministry in 2015 by Socialist prime minister Antonio Costa. He reversed some of the austerity measures introduced during the bailout, but has retained a strong grip on public finances, insisting that EU budget goals must be met.

During his 2-1/2-year term, Centeno will have a key role in coordinating efforts to deepen eurozone integration by establishing a eurozone budget and finance minister as well as a sovereign insolvency mechanism or transforming the eurozone bailout fund into a European Monetary Fund.

He will also oversee the end of the third bailout program for Greece in August 2018, after which the country is to start financing itself on the market again.

Asked whether Portuguese politics and anti-euro parties supporting the Portuguese government may affect his job, Centeno said: “Domestic policies are addressed domestically.”

He noted the Portuguese government’s “firm determination” to contribute to the EU and the eurozone.

He said he would work to promote “inclusive prosperity” to end economic difficulties experienced by European citizens during the economic crisis.

“I have the ability and will try to use it to bring all the ideas (…) to promote the inclusive growth and prosperity that may put an end to a period that was very difficult for Europe,” Centeno said in his first news conference after his election.

Related posts

EU’s Borrell ‘optimistic’ about possible new Iran talks

Reuters News Service

Colin Powell: forever linked with Bush’s spurious claims over Iraq

Reuters News Service

Asking prices for UK homes rise in unison for 1st time in 14 years

Reuters News Service

EU evaluating use of Pfizer’s Covid-19 vaccine in young children

Reuters News Service

UK finance chiefs fear supply chain drag for at least another year

Reuters News Service

For Britain’s chicken farmers, Brexit and COVID brew a perfect storm

Reuters News Service

1 comment

Comments are closed.