Greek Minister of Economy and Finance Kyriakos Pierrakakis was unanimously elected as the new President of the Eurogroup. His election occurred after his primary opponent, Belgian Finance Minister Vincent Van Peteghem, withdrew his candidacy.

Pierrakakis succeeds Paschal Donohoe, Ireland’s Finance Minister who left the position to join the World Bank. The Greek Finance Minister will now serve a two-and-a-half-year term, beginning tomorrow, December 12.

This development is regarded as a historic success for Greece, and a symbolic restoration of Greece’s position within the Eurozone. Just a decade after a sovereign debt crisis and potential exit from the single currency bloc, Greece has transitioned to a top leadership role in European economic policy.

The Eurogroup is an informal, albeit institutionally important monthly gathering of the EU’s finance ministers from the 20 countries that have adopted the Euro.

The Eurogroup’s primary mission is to coordinate economic policies and address issues affecting the stability and growth of the single currency. During Eurogroup meetings, fiscal rules and policies are debated and national budgets are examined. The Eurogroup’s decisions are formalized later, by the ECOFIN council which includes all 27 EU countries, 7 of which still hold on to their national currencies.

As President, Pierrakakis will play a vital role in mediating between Euro member states to secure consensus on complex financial decisions, set the agenda for meetings, and prepare Eurozone Summits. He will also be the representative of the euro area in major international forums like the G7.