Head of Eurogroup to stay at post

BRUSSELS - Agence France-Presse

EPA Photo

Jean-Claude Juncker, the Luxembourg premier considered a founding father of the euro, was asked to stay on as head of the eurozone finance ministers group, an EU source said yesterday. “The mandate is for two and a half years, but he will only serve for part of that,” another EU source told AFP.

Juncker, who has held the post since 2005, was due to step down in exactly one week, on July 17. He has himself suggested remaining in the post for a further six months.

His renomination was agreed by his peers during almost nine hours of talks Monday that lasted well after midnight.

The most likely new candidate was German Finance Minister Wolfgang Schaeuble. Juncker favoured handing over the post but agreed under French pressure to remain another six months on condition that the head of the Luxembourg central bank, Yves Mersch, should take a vacant board seat at the ECB.