In a week marked by pivotal moments for European politics and finance, two major developments have captured the continent’s attention: the election of Greek Finance Minister Kyriakos Pierrakakis as president of the Eurogroup, and the diplomatic debut of incoming Czech Prime Minister Andrej Babis in Brussels. These events unfolded against the backdrop of renewed debate about foreign influence in European democracy, with European Commission President Ursula von der Leyen issuing a pointed warning to former U.S. president Donald Trump to stay out of Europe’s electoral affairs.
On December 11, 2025, Kyriakos Pierrakakis, Greece’s 42-year-old finance minister, was chosen to lead the Eurogroup—the influential council of finance ministers from the 20 European Union nations that use the euro. His 2 1/2 year term begins on December 12, 2025, with the first Eurogroup meeting under his leadership scheduled for January 19, 2026. The significance of this moment wasn’t lost on observers or on Pierrakakis’s compatriots. Just a decade ago, Greece was teetering on the brink of financial ruin, its very membership in the eurozone in doubt as the country’s debt crisis spiraled out of control.
Greek Prime Minister Kyriakos Mitsotakis hailed Pierrakakis’s election as a moment of national pride. “Today is a day of pride for the country, for the government and for all the citizens,” Mitsotakis said, according to the Associated Press. He described the appointment as “the most emphatic recognition of our country’s positive course ... exactly a decade since the country found itself on a cliff-edge, with closed banks and close to leaving the euro.” Mitsotakis added, “Greece, the former ‘black sheep’ of debt, now rises to the top of the financial council of the continent’s most developed countries. And all this is thanks to the sacrifices of our compatriots.”
Pierrakakis himself, speaking at a news conference in Brussels, reflected on the transformation. “It was I think 10 years ago that the debate here in Brussels was about whether or not Greece would be exiting the eurozone. And yet, Greece withstood,” he said. “And this is a testament I would say of many things. A testament of the collective strength of the people. It is a testament of European solidarity, of receiving help at the most dire of times.” He pledged to “work to keep the Eurogroup a body of unity and shared purpose, focusing on our common currency, our common economic interests and the European project, grounded in the core values of the union.”
Pierrakakis’s rise through the ranks of Greek politics has been swift. After serving as education minister, he was appointed finance minister in March 2025. He earned a reputation for reforming Greece’s digital infrastructure during his tenure as minister of digital governance from 2019 to 2023, slashing bureaucracy and moving many public services online. His victory in the Eurogroup contest—over Belgian Finance Minister Vincent Van Peteghem—signals a new era not just for Greece, but for the eurozone as a whole.
The contrast with Greece’s recent past could hardly be starker. During the country’s financial crisis, which began in late 2009, Greece endured years of deep austerity, a quarter contraction in its economy, and unemployment rates that soared to 28% overall and nearly 60% among youth by 2013. Capital controls were imposed in June 2015 as the country teetered on the edge of a eurozone exit, and banking restrictions were not fully lifted until 2019. The bailouts administered by the so-called troika—the International Monetary Fund, European Central Bank, and European Commission—came with strict conditions, fueling widespread protests and hardship.
Fast forward to 2024 and 2025, and Greece has emerged as one of the eurozone’s best budget performers. All major ratings agencies have restored Greek bonds to investment grade, and the country was one of just six EU member states to record a budget surplus in 2024. Government revenues have exceeded targets, and a 1.6 billion euro tax cut package was announced in September 2025. Still, challenges remain: many Greeks continue to struggle with the cost of living, and protesting farmers have recently blocked highways to demand fairer prices and timely payment of EU subsidies, which have been delayed amid a corruption scandal.
While Greece’s financial redemption played out, another European leader was making his first moves on the continental stage. Andrej Babis, newly appointed as Czech prime minister on December 10, 2025, traveled to Brussels the following day for a series of high-level meetings. His visit began with a cordial encounter with European Commission President Ursula von der Leyen, who praised Babis’s support for boosting Europe’s competitiveness. “Good meeting with Andrej Babis. I appreciate your support to boosting Europe’s competitiveness,” von der Leyen wrote on social media. She noted that they had also discussed “strengthening Ukraine on its path towards a just and lasting peace. Because Ukraine’s security is Europe’s security. We’ll continue this work at the European Council next week.”
Babis’s Brussels itinerary also included talks with Belgian Prime Minister Bart De Wever and European Council President Antonio Costa. These meetings were largely preparatory, ahead of the upcoming European Council summit set for December 18, 2025, where EU leaders will grapple with the question of further financial support for Ukraine. The summit agenda includes two proposals: a direct loan from the EU or a reparations loan secured by frozen Russian assets held within the EU. The latter option has drawn opposition from Belgium, whose officials worry that Russia could demand compensation for seized assets, most of which are located in Belgium.
Babis’s government is scheduled to be formally appointed on December 15, 2025, but he has already indicated his intention to attend the European Council summit as prime minister. The Czech leader’s early focus on Ukraine underscores the centrality of the conflict to the EU’s security agenda. As European Council President Costa emphasized, support for Ukraine remains a top priority.
Amid these developments, European Commission President Ursula von der Leyen took the stage at the POLITICO 28 gala event in Brussels to address a different sort of challenge: foreign interference in European democracy. In remarks on December 11, 2025, she pushed back against recent comments from former U.S. president Donald Trump, who had criticized Europe following the release of the latest U.S. National Security Strategy. “It is not on us, when it comes to elections, to decide who the leader of the country will be, but on the people of this country … That’s the sovereignty of the voters, and this must be protected,” von der Leyen declared. “Nobody else is supposed to interfere, without any question.” Her statement came amid concern in European capitals over the potential for external meddling in the continent’s electoral processes.
These intertwined stories—of Greece’s remarkable financial turnaround, the Czech Republic’s new leadership, and the defense of European sovereignty—paint a picture of a continent at a crossroads. Europe is seeking to chart its own course, balancing hard-won stability with the challenges of war on its borders and the risks of foreign influence. As new leaders take the helm and old debates resurface, the stakes for Europe’s future could hardly be higher.
With the Eurogroup’s new president set to guide economic policy, the Czech Republic’s government preparing for its first major summit, and the European Commission drawing lines in the sand on democratic sovereignty, the coming weeks are sure to test both Europe’s unity and its resolve.
