Brussels: Europe and the Arabs

Eurogroup members will vote today for their new president. Two candidates are vying for the position: Federal Budget Minister Vincent Van Peteghem and Greek Finance and Economy Minister Kyriakos Perakakis.

The Eurogroup is an informal consultative body where the finance ministers of the 20 eurozone member states review the monetary union's situation monthly and coordinate their budgetary and economic policies. During the euro crisis, the group emerged as the main decision-making center for bailout plans for struggling eurozone countries, such as Greece. According to the Belgian daily newspaper Nieuwsblad, the presidency is always held by a minister from one of the countries that have adopted the single currency. Despite its importance, the position is not a full-time job. Even if the Belgian deputy prime minister wins the presidency, he will remain deputy prime minister and a minister in the federal government.

The Eurogroup had to find a new president after the announcement earlier this month that Irishman Pascal Donohoe would be moving to the World Bank. Cypriot minister Makis Keravnos will serve as interim president.

The election will take place during the Eurogroup meeting in Brussels, which begins at 3 p.m. on Thursday. The president is elected by a simple majority of the Eurogroup ministers, meaning they must secure eleven out of twenty votes. The president's term is two and a half years, renewable once.

According to Euractiv, the race is expected to be tight between the two candidates, both members of the conservative European People's Party. Van Peteghem is expected to receive support from the Netherlands, Finland, and other northern European countries, while the Greek candidate hopes to garner support from southern European countries, including Spain, as well as Estonia and Lithuania.

Before Donohoe, the position was held by Jean-Claude Juncker of Luxembourg, Jeroen Dijsselbloem of the Netherlands, and Mário Centeno of Portugal.