First meeting of the year bears a Greek stamp

Monday marks the official debut of Kyriakos Pierrakakis as President of the Eurogroup, the first participation of Deputy Finance Minister Thanos Petralias as Greece’s representative, and the first appearance of Bulgaria’s Finance Minister following the country’s accession as the 21st member of the euro area, at the eurozone finance ministers’ first meeting of 2026.

The eurozone welcomes another member state to a meeting under the presidency of Greece, a country that in 2015 was one step away from exiting the common European currency.

On Tuesday, Kyriakos Pierrakakis changes role, participating as Greek Finance Minister in the Ecofin meeting, negotiating many critical issues such as the Recovery Fund’s investment agenda, Ukraine’s financing and Finland’s entry into supervision.

The last item on the Eurogroup agenda, but of particular importance, is the selection of the person who will replace Luis De Guindos as Vice-President of the European Central Bank (ECB) from June.

According to sources, the new president of the Eurogroup Kyriakos Pierrakakis is expected to propose holding a “first” vote in order to get an idea of the candidates who are ahead.

In any case, the eurozone finance ministers will try to agree on a name, but, despite their intention to find a successor to de Guindos immediately, they will not press for it if all the required criteria are not met. The candidate chosen will have to secure the support of 72% of the eurozone member states (i.e. at least 16 of the 21 eurozone countries), representing at least 65% of the population. The candidate member appears before the European Parliament’s Committee on Economic and Monetary Affairs.

The European Parliament and the Governing Council of the ECB give their opinion on the candidacy and then the European Council (at eurozone level) appoints the new member of the Executive Board.

Based on the Eurogroup agenda, the French Finance Minister is expected to brief his counterparts on the results of the G7 meeting (the country holds the presidency). Economic policy recommendations for 2026 will also be discussed, with fiscal policy and defense as key areas, while the Bulgarian minister will report on the progress of the country’s transition to the euro.

The main objective, according to recent statements by Pierrakakis during his meeting with the President of the Republic, is to strengthen the role of Europe through initiatives such as the Savings and Investment Union and the foundation of the single market.

Kyriakos Pierrakakis’ term began on 12 December 2025 and will last 2.5 years. A period during which decisions will be made, among other things, on the distribution of the EU funds, the adoption of the digital euro, and the Savings and Investment Union amid geopolitical tensions that are constantly changing the landscape.