On Monday, Portugal's minister of finance was elected as the new leader of the Eurogroup. Within the framework of the Eurogroup, the ministers of finance of Eurozone countries meet monthly. The platform is designed for crisis management but has gained importance after 2013 and it was vital in establishing bail-out programs for Greece and bail-ins in Cyprus. Centeno will replace the former Dutch minister of Finance Jeroen Dijsselbloem.

The election of Centeno, who was chosen from four candidates from Portugal, Luxembourg, Slovakia and Latvia, marks a shift of the Eurogroup's focus. Centeno is the first head of the Eurogroup to come from a bail-out country and he is also from the social-democratic political family. Though Dijsselbloem also belonged to the Dutch social democrats, he often was forced or he chose to opt for austerity, strict budgetary measures and tough conditions for bail-outs. 

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