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Pierre Gramegna

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Pierre Gramegna
Gramegna in 2022
Managing Director of the European Stability Mechanism
Incumbent
Assuming office
1 December 2022
SucceedingChristophe Frankel (acting)
Minister for Finances
In office
4 December 2013 – 4 January 2022
Prime MinisterXavier Bettel
Preceded byLuc Frieden
Succeeded byYuriko Backes
Personal details
Born (1958-04-22) 22 April 1958 (age 66)
Esch-sur-Alzette, Luxembourg
Political partyDemocratic
EducationPanthéon-Assas University

Pierre Gramegna (born 22 April 1958) is a Luxembourgish career diplomat and politician of the Democratic Party who has been serving as managing director of the European Stability Mechanism (ESM) since 2022.[1] He previously, served as Minister for Finances in the government of Prime Minister Xavier Bettel from 2013 to 2022.[2]

Early life and education

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Gramegna was born and grew up in Esch-sur-Alzette. He then attended Panthéon-Assas University, where he studied economics and law, receiving a master's degree in civil law from the university in 1981, and a degree in economic science in 1982. He completed his postgraduate education with a DEA in community law.[3]

Diplomatic career

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Gramegna joined the Luxembourg Ministry of Foreign Affairs in 1983. He was an economic and political affairs adviser at the Luxembourg embassy in Paris from 1988 to 1993. He was subsequently appointed consul general and director of the Board of Economic Development in San Francisco. From 1996 to 2002, Gramegna served as Luxembourg's ambassador to Japan and South Korea, before heading the Directorate for International Economic Relations at the Ministry of Foreign Affairs for a short period of time in 2002. In 2003, Gramegna became director general of the Luxembourg Chamber of Commerce, a post he held until he was asked to join the government at the end of 2013.[3]

Political career

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Following the 2013 general election in which he had not taken part, Gramegna was a surprise appointment to the Bettel–Schneider ministry as the Minister for Finances. He joined the Democratic Party shortly before being sworn in. Gramegna had been previously mostly known for his lobbyist work for the business community as well his promotional activities outside of Luxembourg in his capacity as director general of the Luxembourg Chamber of Commerce.[3]

In November 2017, Gramegna submitted his formal application for succeeding Jeroen Dijsselbloem as the next chairman of the Eurogroup;[4][5] in the vote, he lost in the second round to Mário Centeno.[6][7] In 2020, he was again nominated by his government for that role, this time competing against Nadia Calviño and Paschal Donohoe.[8]

In 2022, Gramegna became Luxembourg’s nominee to succeed Klaus Regling as Managing Director of the European Stability Mechanism;[9][10] his candidacy was later endorsed by the German government.[11] The nomination process narrowed to Gramegna and João Leão, but both pulled out in September 2022 having failed to secure the votes required.[12] By November, Italy and France gave up their opposition to Gramegna,[13] and he was voted by the Board to become the next managing director.[14]

Other activities

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Corporate boards

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European Union organizations

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International organizations

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References

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  1. ^ Paola Tamma (25 November 2022), Luxembourg’s Pierre Gramegna to lead eurozone bailout fund Politico Europe.
  2. ^ "Greece: It's up to the Eurogroup to Negotiate". Retrieved 17 May 2016.
  3. ^ a b c "Pierre Gramegna" (PDF). Luxembourg Government. Retrieved 18 October 2015.
  4. ^ Jan Strupczewski (November 6, 2017), Slovakia's Kazimir bids to chair euro zone finance ministers Reuters.
  5. ^ Jan Strupczewski (November 30, 2017), Latvia, Luxembourg, Portugal, Slovakia bid for Eurogroup chair Reuters.
  6. ^ Viktoria Dendrinou, Stephanie Bodoni and Radoslav Tomek (December 4, 2017), Portugal's Centeno Gets Top Economic Job in New Euro Chapter Bloomberg News.
  7. ^ Mehreen Khan and Jim Brunsden (December 4, 2017), Portugal’s Centeno wins race to become eurogroup president Financial Times.
  8. ^ Jan Strupczewski and Belén Carreño (June 25, 2020), Spain, Ireland, Luxembourg vie for Eurogroup leadership Reuters.
  9. ^ Paola Tamma (27 April 2022), Race to head eurozone bailout fund heats up Politico Europe.
  10. ^ Paola Tamma (23 May 2022), Finance ministers narrow options for eurozone bailout chief Politico Europe.
  11. ^ Björn Finke (16 June 2022), Finanzmarkt: Wer wird Herr über 414 Milliarden Euro? Süddeutsche Zeitung.
  12. ^ Björn Finke (16 June 2022), Eurozone bailout job vacant as economic clouds loom Euractiv, 7 October 2022.
  13. ^ [1] Reuters, 25 November 2022
  14. ^ [2] ESM, 25 November 2022
  15. ^ Board of Governors European Investment Bank (EIB).
  16. ^ Board of Governors: Pierre Gramegna European Stability Mechanism.
  17. ^ AfDB Annual Report 2017 African Development Bank (AfDB).
  18. ^ Board of Governors Asian Infrastructure Investment Bank (AIIB).
  19. ^ Board of Governors European Bank for Reconstruction and Development (EBRD).
  20. ^ Members International Monetary Fund (IMF).
  21. ^ Board of Governors Multilateral Investment Guarantee Agency (MIGA), World Bank Group.
  22. ^ Board of Governors World Bank.
Political offices
Preceded by Minister for Finances
2013–2022 		Succeeded by
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