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TheStreet Open House

Dutchman Set To Become New Eurogroup Head

By JUERGEN BAETZ and DON MELVIN

BRUSSELS (AP) â¿¿ The Dutch finance minister, Jeroen Dijsselbloem, was elected Monday as the new president of the group of euro area finance ministers.

Dijsselbloem, 46, who has only been the Netherlands' finance minister since November, will now face one of the world's most daunting financial tasks â¿¿ helping to lead the group of 17 European Union countries that use the euro back to financial stability.

Some EU leaders feel the corner has been turned in the effort to save the euro currency.

But at a press conference after the meeting of the eurozone finance ministers in Brussels, at which he was elected, Dijsselbloem cautioned against overconfidence.

"The job isn't done yet," he said.

He promised to focus on growth and further integration.

"The completion of the banking union is essential," he said.

Dijsselbloem replaces Jean-Claude Juncker, the Prime Minister of Luxembourg, who held the job for eight years. The Dutchman, who is 46, has been finance minister only since November.

Despite his inexperience, he will face immediate challenges, including the need to negotiate a bailout for Cyprus, reducing high national debt in some countries as well as crushing unemployment, and growing opposition to austerity in some eurozone countries.

Dijsselbloem had broad support at the finance ministers meeting, but Spain did not vote in favor of him. Dijsselbloem said the Spanish finance minister, Luis de Guindos, offered no explanation for his lack of support.

Dijsselbloem (DIE-sell-bloom) served in the Dutch parliament as a member of the center-left Labor party for most of the past decade until being named finance minister a bit over two months ago. His candidacy to lead the eurogroup came as a surprise, but he emerged as the compromise candidate among Europe's main political groups and between economically stronger and weaker nations.

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