“My only focus is on finding a replacement for Klaus, and ensuring that we have a managing director in place that can continue with the functioning of a deeply important economic institution of the euro area,” he said in response.
Mr Donohoe noted that his mandate as Eurogroup president “continues all the way until December” and his work as Ireland’s Minister for Finance was his focus. Mr Regling told journalists that if necessary an interim managing director could be appointed, as it was legally necessary for someone to be in the role to sign off on decisions regarding the €300 billion in loans and €300 billion in bonds that the fund manages.
Reflecting on the end of his term, Mr Regling said that just as when he took the helm of the ESM on its establishment during the euro zone crisis in 2012, “Europe is again facing a difficult economic situation”.