This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs