The ESM Board of Governors, consisting of 19 finance ministers from the Euro zone, has appointed Gramegna as the new managing director.

In December 2021, Gramegna announced that he would not run in the upcoming 2023 elections, initially to spend more time with family. However in May of this year we reported that he was interested in the ESM Job. The road to getting the job wasn't with out its ups and downs, as in September Gramegna withdrew his candidacy, in part due to opposition from France and Italy and thus failure to meet the required majority of 80% of votes. However, the possibility recently came back on the table.

Today it was confirmed that from 1 December, Pierre Gramegna will take over from Christophe Frankel, who took over following the retirement of Klaus Regling in early October 2022.


Gramegna has declined a request to issue a statement on the occasion, but has taken to Twitter to comment on the appointment.

Tweet Gramegna

Congratulatory messages were also tweeted by ECB President Christine Lagarde, and Irish Minister of Finance Paschal Donohoe.

Tweet Lagarde


Gramegna's replacement as Luxembourg Minister of Finance, Yuriko Backes, also expressed congratulations on the appointment.

backes tweet