What is the ESM Board of Governors?

The Board of Governors is the ESM’s highest decision-making body. It comprises the finance ministers of the euro area countries as voting members (the European Commission and ECB may participate in the Board’s meetings as observers). The Board of Governor’s most important decisions require unanimous agreement, including decisions to lend funds to an ESM Member. Since December 2025, the Board of Governors is chaired by Kyriakos Pierrakakis, who is also the President of the Eurogroup.