Pierre Gramegna

Pierre Gramegna is the Managing Director of the European Stability Mechanism (ESM) - the Luxembourg-based rescue fund that helps prevent and resolve financial crises within the euro area - since 1 December 2022. He is also the CEO of the European Financial Stability Facility (EFSF) - the predecessor of the ESM - since 13 December 2022.

Prior to these appointments, Mr Gramegna was Minister of Finance of the Grand-Duchy of Luxembourg and member of the ESM Board of Governors and the Eurogroup from December 2013 to January 2022.

As Luxembourg’s Minister for Finance, 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. He was the first to propose free public transportation in Luxembourg which was implemented in 2020.

During his tenure as Finance Minister, he served as chairperson of the Ecofin Council in 2015 and 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. He is very committed to sustainable finance and participated in several COP meetings on climate change, notably in Kyoto (COP 3), Paris (COP 21) and, most recently, Baku (COP 29). He also launched the Luxembourg Sustainable Finance initiative in Luxembourg.

From September 2003 to December 2013, he served as Director General of the Chamber of Commerce of Luxembourg. During that period, Mr Gramegna served for several years as Vice-President of Eurochambres and Chairperson of Cargolux Airlines from 2004 to 2008 in addition to being a member of several boards, including the Luxembourg Stock Exchange and BGL Fortis, later BGL BNP Paribas Luxembourg SA.

Prior to that, he had a diplomatic career spanning from April 1983 to August 2003, holding various posts, notably in the US as Consul General in San Francisco and in Japan as Ambassador for Luxembourg.

Mr Gramegna graduated in both Law and Economics at the University of Paris II in 1982. He also holds a Master of Advanced Studies in European Community Law and was awarded the title of Doctor Honoris Causa from the ESCP Business School in Paris.