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The Board of Governors of the European Stability Mechanism (ESM), which comprises the 19 euro area finance ministers, appointed Deputy Managing Director Christophe Frankel to the position of ESM Managing Director for an interim period. Mr Frankel will perform the duties of Managing Director until 31 December 2022 or such earlier date as a new Managing Director appointed by the Board of Governors takes office. The appointment is effective from 8 October 2022, when the term of office of current ESM Managing Director Klaus Regling expires.
“We started the selection process for a new Managing Director with four excellent candidates, but none of them was able to meet the very high threshold of 80% of votes cast. Therefore, to ensure continuity in the conduct of the ESM’s...
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