Pierre Gramegna (born 22 April 1958) is a career diplomat and politician of the Democratic Party who has been serving as managing director of the European Stability Mechanism (ESM) since 2022.[Paola Tamma (25 November 2022), Luxembourg’s Pierre Gramegna to lead eurozone bailout fund Politico Europe.] He previously served as Minister for Finances from 2013 to 2022, under the Bettel I and II governments.
Early life and education
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.
Diplomatic career
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.
Political career
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.
In November 2017, Gramegna submitted his formal application for succeeding Jeroen Dijsselbloem as the next chairman of the Eurogroup;[Jan Strupczewski (November 6, 2017), Slovakia's Kazimir bids to chair euro zone finance ministers Reuters.][Jan Strupczewski (November 30, 2017), Latvia, Luxembourg, Portugal, Slovakia bid for Eurogroup chair Reuters.] in the vote, he lost in the second round to Mário Centeno.[Viktoria Dendrinou, Stephanie Bodoni and Radoslav Tomek (December 4, 2017), Portugal's Centeno Gets Top Economic Job in New Euro Chapter Bloomberg News.][Mehreen Khan and Jim Brunsden (December 4, 2017), Portugal’s Centeno wins race to become eurogroup president Financial Times.] In 2020, he was again nominated by his government for that role, this time competing against Nadia Calviño and Paschal Donohoe.[Jan Strupczewski and Belén Carreño (June 25, 2020), Spain, Ireland, Luxembourg vie for Eurogroup leadership Reuters.]
In 2022, Gramegna became Luxembourg’s nominee to succeed Klaus Regling as Managing Director of the European Stability Mechanism;[Paola Tamma (27 April 2022), Race to head eurozone bailout fund heats up Politico Europe.][Paola Tamma (23 May 2022), Finance ministers narrow options for eurozone bailout chief Politico Europe.] his candidacy was later endorsed by the German government.[Björn Finke (16 June 2022), Finanzmarkt: Wer wird Herr über 414 Milliarden Euro? Süddeutsche Zeitung.] The nomination process narrowed to Gramegna and João Leão, but both pulled out in September 2022 having failed to secure the votes required.[Björn Finke (16 June 2022), Eurozone bailout job vacant as economic clouds loom Euractiv, 7 October 2022.] By November, Italy and France gave up their opposition to Gramegna,[ [11] Reuters, 25 November 2022] and he was voted by the Board to become the next managing director.[ [12] ESM, 25 November 2022]
Other activities
Corporate boards
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Luxembourg Stock Exchange, Member of the Board of Directors
European Union organizations
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European Investment Bank (EIB), Ex-Officio Member of the Board of Governors (2013–2022)
[ Board of Governors European Investment Bank (EIB).]
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European Stability Mechanism (ESM), Member of the Board of Governors (2013–2022)
[ Board of Governors: Pierre Gramegna European Stability Mechanism.]
International organizations
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African Development Bank (AfDB), Ex-Officio Member of the Board of Governors (2013–2022)
[ AfDB Annual Report 2017 African Development Bank (AfDB).]
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Asian Development Bank (ADB), Ex-Officio Member of the Board of Governors (2013–2022)
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Asian Infrastructure Investment Bank (AIIB), Ex-Officio Member of the Board of Governors (2016–2022)
[ Board of Governors Asian Infrastructure Investment Bank (AIIB).]
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European Bank for Reconstruction and Development (EBRD), Ex-Officio Member of the Board of Governors (2013–2022)
[ Board of Governors European Bank for Reconstruction and Development (EBRD).]
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International Monetary Fund (IMF), Ex-Officio Member of the Board of Governors (2013–2022)
[ Members International Monetary Fund (IMF).]
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Multilateral Investment Guarantee Agency (MIGA), World Bank Group, Ex-Officio Member of the Board of Governors (2013–2022)
[ Board of Governors Multilateral Investment Guarantee Agency (MIGA), World Bank Group.]
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World Bank, Ex-Officio Member of the Board of Governors (2013–2022)
[ Board of Governors World Bank.]
