Juncker to become EU's first 'Mr Euro'? 

Luxembourg's Prime Minister Jean-Claude Juncker could become the first president of the eurogroup, giving the bloc greater weight in international forums and a stronger voice vis-a-vis the European Central Bank.

The eurogroup's finance ministers will discuss the creation of this new position at a meeting on 5 July. Juncker has strong backing from France and Germany and a majority of the eurogroup's finance ministers is said to be in favour.

The Constitutional Treaty foresees the creation of such a position, although it is unlikely to be ratified before (the end of) 2006.

Unwilling to give up his domestic responsibilities, Juncker earlier declined a nomination for the position of Commission president. While exercising his role as 'Mr Euro', Juncker could keep his national roles of prime minister and finance minister.

Regardless of the outcome of the current discussions, Juncker will chair the eurogroup in 2005 as Luxembourg holds the EU's rotating presidency in the first half of the year. Juncker will then carry on his chairmanship during the second half of the year as the UK, not being a eurozone member, will not be able to take up this post.