20/09/2022 (Agence Europe) – Luxembourg’s Pierre Gramegna and Portugal’s João Leão - the two candidates for the post of managing director of the European Stability Mechanism (ESM), the euro area’s permanent rescue fund - informed Eurogroup president Paschal Donohoe on Tuesday 20 September of their decision not to run for the post currently occupied by Klaus Regling, whose term of office ends on 7 October (see EUROPE 13018/20). Neither of the two former finance ministers was able to win 80% of the weighted votes, according to an EU source. Germany and France, which hold the right of veto, supported Mr Gramegna and Mr Leão respectively. Welcoming the involvement in the process of these two “excellent candidates”, Mr Donohoe promised via Twitter to continue consultations with a view to presenting “a candidate” in time. (MB)