Belgium's Budget Minister Vincent Van Peteghem will find out on Thursday whether he will become the next president of the Eurogroup, as eurozone finance ministers meet to elect a successor to outgoing chair Paschal Donohoe.
Two candidates are competing for the role: Van Peteghem and Greece's Finance and Economy Minister Kyriakos Pierrakakis.
The Eurogroup is an informal consultative body that brings together the finance ministers of the 20 eurozone countries each month to review the state of the monetary union and coordinate fiscal and economic policies.
During the eurozone crisis, it played a central role in shaping rescue packages for struggling member states, including Greece.
The presidency is always held by a sitting minister from a eurozone country. Despite its influence, it is not a full-time position. Even if Van Peteghem were elected, he would continue to serve as Belgium's Deputy Prime Minister and Budget Minister.
The vote follows Donohoe's recent departure to join the World Bank. Cyprus's finance minister, Makis Keravnos, is currently serving as interim president.
Thursday's meeting begins at 15:00. The new president will be chosen by simple majority, requiring at least 11 of the 20 votes. The mandate lasts two and a half years and can be renewed.
According to Euractiv, the race is expected to be extremely close. Both candidates are members of the centre-right European People’s Party.
The Netherlands, Finland, and several northern member states are said to favour Van Peteghem, while Pierrakakis is hoping to secure backing from southern countries such as Spain, along with Estonia and Lithuania.
Previous Eurogroup presidents include Luxembourg's Jean-Claude Juncker, the Netherlands' Jeroen Dijsselbloem, and Portugal's Mario Centeno.
