Pierre Gramegna’s advantages are that he is a liberal (anyone from the European People’s Party is likely excluded as it already holds three top EU jobs), he is from a small country and is popular within the group of Euro finance ministers. He has been mentioned before as likely successor in early October.

Politico argued however on Monday 6 November that the fact that Gramegna is from Luxembourg could be held against him, as the grand duchy’s Jean-Claude Juncker is currently president of the European Commission. Furthermore, Luxembourg has parlaimentary elections in 2018.

Any big personnel decisions in the EU usually strive to find a balance between party membership, nationality and experience.

Other candidates to chair the meetings of EU finance ministers are Peter Kažimír (Slovakia), Mário Centeno (Portugal), Dana Reizniece-Ozola (Latvia), followed by “outsiders” Bruno Le Maire (France) and Pier Carlo Padoan (Italy).

The decision is likely to be announced in December.