Former Luxembourg Minister of Finance appointed head of European Stability Mechanism

On November 25, the Board of Governors of the European Stability Mechanism (ESM) unanimously appointed former Luxembourg Minister of Finance Pierre Gramegna as Managing Director.

Pierre will take office on December 1. He will replace interim director Christophe Frankel. Christophe has been in office since October, when Klaus Regling, ESM’s first Managing Director, served his term.

ESM is an intergovernmental organization headquartered in Luxembourg. The Eurozone countries created the ESM in 2012. The mechanism should help the eurozone overcome financial crises. Its credit potential is 500 billion euros.