(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Dec 21 (KUNA) -- The Board of Governors of the European Stability Mechanism (ESM), the EU's permanent bailout fund, appointed Thursday the President-Elect of the Eurogroup Mario Centeno as its Chairman.
Centeno, whose term will be effective from 13 January 2018, succeeds Jeroen Dijsselbloem, whose term of office as President of the Eurogroup ends on the same date, noted an ESM press release.
Centeno, who is Finance Minister of Portugal, said "I am honored that my colleagues have entrusted me with this position. I will work closely with them on the ESM Board of Governors to form the consensus that is necessary to build a stronger Monetary Union." The ESM Board of Governors forms the highest governing body of the ESM and comprises the Ministers of Finance of the 19 euro area member states. ESM based in Luxembourg, has the mandate to preserve financial stability in the euro area by providing financial assistance to EU Member States with severe financing problems. It is a permanent inter-governmental institution, operating since October 2012. (end) nk.ag
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