Gramegna takes over chief position at the ESM

Former Luxembourg Finance Minister Pierre Gramegna will be the new head of the European Stability Mechanism (ESM). The board of directors appointed Gramegna, who was the preferred candidate of German Finance Minister Christian Lindner (FDP), as Managing Director of the euro rescue fund in a special meeting on Friday with broad consensus. This was announced by the ESM. The Luxembourger will take up his mandate, which is set for five years, on December 1. Gramegna succeeds Klaus Regling, who was no longer available after ten years at the helm of the ESM.