The Party of European Socialists welcomes the election of Mário Centeno as the next President of the Eurogroup.

PES President Sergei Stanishev said:

"Mário Centeno's election is important both for the socialist family and for Europe as a whole. This position will be crucial as we face new opportunities to deepen and reform the Economic and Monetary Union, to bridge social and economic inequalities and move definitely away from austerity. In these debates about the Eurozone's future, the President of the Eurogroup will have a key role to play.

"Mário Centeno has already shown remarkable ability to achieve success and establish new paths for economic policy on a national level. We wish him the very best of luck in this vital new challenge."