“We are now at a key moment in the eurozone and we have a unique opportunity in the coming months that we cannot waste. The n ews from Germany only bolsters that window of opportunity and it has to be used to reinforce the process we have to advance over the coming months”, Mário Centeno said, referring to the agreement to form a new German government.

The French economy and finance minister said there was no doubt that Mário Centeno would be a great chair of Eurogroup and that “time is of the essence” and “there is a unique window of opportunity to push ahead with the rapid integration of the eurozone”.

The new Eurogroup chair added that the “most important milestones” that the euro zone had ahead of it included the conclusion of the banking union, the capital markets’ union and a “budget capacity for the union to promote investment and encourage stability that works as a stability mechanism”.