Greece’s National Economy and Finance Minister Kyriakos Pierrakakis on Thursday was elected as the president of the Eurogroup of countries who are in the single currency bloc.

Pierrakakis edged out his Belgian counterpart Vincent Van Peteghem, with both members supported by center-right European People’s Party (EPP) grouping.

The Greek minister was elected by a simple majority and will serve a two-and-a-half term. The mandate may be renewed, and any sitting member of the Eurogroup is eligible for election, according to Protocol No. 14 of the Lisbon Treaty.

Cyprus Finance Minister Makis Keravnos has been serving as acting president since November 18, following the resignation of Irish Finance Minister Paschal Donohoe. Under Eurogroup rules, Keravnos will hold the role until a new president is chosen.

The Eurogroup president plays a key role in coordinating economic policy among the 20 countries that use the euro, representing the group in discussions with the European Commission, the European Central Bank, and other EU institutions.

Apart from electing the new president of the Eurogroup, the members also discussed the critical matter of how to manage the Russian frozen assets, estimated at 300 billion euros, as Belgium has raised serious legal concerns regarding the possible implications in utilizing the sum to support Ukraine.

Following the announcement of Kyriakos Pierrakakis’ election, the Latvian finance minister, Arvils Ašeradens offered his congratulations, writing: “Congratulations on your election as President of the Eurogroup. I wish you every success at the helm of the Eurogroup as it evolves, adapts, and confronts the challenges of the future with clarity, purpose and strong collective commitment.”