Pierre Gramegna is the Managing Director of the European Stability Mechanism (ESM) since 1 December 2022 and CEO of the European Financial Stability Facility (EFSF) since 13 December 2022.
Mr Gramegna was Minister of Finance of the Grand-Duchy of Luxembourg and member of the ESM Board of Governors from December 2013 to January 2022.
In his eight years as Minister of Finance, Mr Gramegna rebalanced the national budget and ensured that Luxembourg fully complied with the EU Stability and Growth Pact. During his term, the country was rated triple AAA by all rating agencies.
Mr Gramegna also served as chairperson of the Ecofin Council in 2015 where he chaired the ministerial meetings and oversaw major directives on the automatic exchange of information and transparency.
In his capacity as Finance Minister, Mr Gramegna served as Governor to the International Monetary Fund and several multilateral development banks. In 2016, he was elected Chairman of the European Bank for Reconstruction and Development for one year.
In 2017, he set up the Luxembourg House of Financial Technology to promote fintech and the enhanced digitalisation of the financial centre.
Mr Gramegna is committed to issues related to climate change illustrated by his participation in the United Nations Climate Change Conference (COP 3 in Kyoto as spokesperson for the EU, COP 23 in Bonn and COP 25 in Madrid as finance minister) and initiatives taken in the field of sustainable finance, including the setting up of a climate finance platform with the European Investment Bank.
From September 2003 to December 2013, Mr Gramegna served as Director General of the Chamber of Commerce of Luxembourg. During that term, Mr Gramegna served for several years as Vice-President of Eurochambres and as Chairperson of Cargolux Airlines from 2004 to 2008 in addition to being a member of several boards, including the Luxembourg Stock Exchange and BGL BNP Paribas Luxembourg SA.
Mr Gramegna held a diplomatic career spanning from April 1983 to August 2003, holding various posts including:
- Ambassador of Luxembourg in Japan, also accredited in South Korea, from 1996–2002;
- Consul General of Luxembourg in San Francisco from 1993–1996;
- Counsellor at the Embassy of Luxembourg in Paris from 1988–1992; and,
- Secretary, First Secretary at the Ministry of Foreign Affairs of Luxembourg from 1983–1988.
Mr Gramegna studied Law and Economics at the University of Paris II (Pantheon-Assas) where he graduated with a degree (Maîtrise) in civil law in 1981 and a degree (licence) in economics in 1982. He also holds a Master of Advanced Studies (DEA) in European Community Law and was awarded the title of Doctor Honoris Causa from the ESCP Business School in Paris and the Sacred Heart University of Luxembourg.