Portuguese finance minister Mário Centeno has become President of the Eurogroup after an electoral process that took place in Brussels on Monday.

The position now held by the Portuguese finance minister is one of the Eurozone’s most senior decision making appointments.

Centeno, who completed his economic studies in the American University of Harvard, has been gaining respect from his colleagues financial ministers in the Eurozone monetary circles after helping to solve serious problems involving the Europe’s financial systems.

The other contenders in the voting for the prestigious post were his counterparts from Slovakia, Latvia and Luxembourg.

The Portuguese Finance Minister will assume his new duties at the beginning of next year when will take over from former Dutch finance minister, Jeroen Dijsselbloem.

The position of President of the Eurogroup involves the chairmanship monthly meetings of the 19 European market finance ministers.

The Eurozone economic Presidency has in recent years become a prominent position and it was decided that it will be a new echelon, that involves everything from brokering sovereign bailout deals, to course-plotting discussions on widespread fiscal reforms.

The Eurogroup finance ministers’ meetings were during the sovereign debt crisis a decisive input forum for solving deals to bail out Greece, Ireland, Portugal and Cyprus.

Mario Centeno, who will serve a two-and-a-half year term in what is now a permanent job of what previously an unofficial function, becomes the first elected Eurogroup President from a southern region member nations.