Role of the Eurogroup president
The president of the Eurogroup has the following responsibilities:
- chairs Eurogroup meetings and sets agendas for them
- draws up the Eurogroup's long-term work programme
- presents the outcomes of Eurogroup discussions to the public and to the ministers of non-euro area EU countries
- represents the Eurogroup in international fora (e.g. G7, IMF)
- informs the European Parliament about the priorities of the Eurogroup
The Eurogroup president may also be elected chair of the board of governors of the European Stability Mechanism, if the members of the board so decide.
Eurogroup president election procedure
The Eurogroup president is elected by a simple majority of the Eurogroup members for a period of 2.5 years.
If the president is prevented from fulfilling his or her duties, he or she is replaced by the finance minister of the country that holds the presidency of the Council. If the presiding country is not a member of the euro area, the finance minister of the next euro area country to hold the presidency of the Council takes over. If the president of the Eurogroup resigns, the Eurogroup members have to elect a new president as soon as is possible.
The election procedure of the Eurogroup president is set out in Protocol No 14 to the Lisbon Treaty, which entered into force on 1 December 2009.