Pierre Gramegna was appointed Managing Director of the European Stability Mechanism (ESM) on 1 December 2022. The Luxembourg-based institution helps prevent and resolve crises within the euro area. A former Finance Minister for Luxembourg and career diplomat, Pierre also serves as CEO of the European Financial Stability Facility (EFSF).

As Luxembourg’s Minister for Finance (Dec 2013 - Jan 2022), Mr Gramegna rebalanced the national budget, aligned Luxembourg’s tax rules with international standards, and ensured compliance with the EU Stability and Growth Pact. Luxembourg’s AAA rating was consistently confirmed under his leadership.

During his tenure as Finance Minister, he was a Member of the ESM Board of Governors and a member of the Eurogroup. He also was Luxembourg’s Governor in the International Monetary Fund, World Bank, European Investment Bank, European Bank for Reconstruction and Development, Asian Development Bank, Asian Infrastructure and Investment Bank, and the African Development Bank.

Before joining government, Mr Gramegna was Director General of the Luxembourg Chamber of Commerce. He was also Chairman of Cargolux Airlines International’s Supervisory Board and a member of various supervisory boards, including the Luxembourg Stock Exchange and BGL/Fortis.

His diplomatic career includes roles as Ambassador to Japan and South Korea, Consul General in San Francisco, and Attaché in Paris.

Mr Gramegna holds degrees in law and economics from Université Panthéon Assas (Paris II). He received honorary doctorates from Sacred Heart University Luxembourg and ESCP Business School, the world’s oldest business school to this day.

His distinctions include Commander of the Order of the Legion of Honour (France), Commander of the Great Cross of Merit of the Federal Republic of Germany, and Grand Officer in the Order of Civil and Military Merit of Adolphe of Nassau.