released by SIP

The President of the Eurogroup, Jean-Claude Juncker, announces that Mr. Klaus Regling has been appointed CEO of the European Financial Stability Facility.

Mr. Regling is an internationally renowned financial expert and served as Director General to the European Commission’s Directorate General for Economic and Financial Affairs (2001-2008).

Mr. Regling is expected to take up office on 1st July 2010.

President Juncker declared: "I am entirely satisfied that Klaus Regling has accepted to serve as CEO of the EFSF. Klaus Regling is one of the foremost experts in international and European finance. With him as CEO, the company’s quality and credibility are secured from the start."

The European Financial Stability Facility has been established on 7th June 2010 as a limited liability company under Luxembourg law. Its objective is to collect funds and provide loans in conjunction with the IMF to cover financing needs of Euro area Member States in difficulty, subject to strict policy conditionality.