Jean-Claude Juncker to resign as Eurogroup chairman

The chairman of the Eurogroup has confirmed that he intends to step down as eurozone’s financial ministerial head as of the end of the month.

Jean-Claude Juncker said on Monday that his resignation is set to be “at the end of this year, or the beginning of next year.”

The Luxembourg prime minister’s term as a national leader is the longest standing in Europe. Juncker has held the post as since 2005, and his current term officially runs until July 17.

Eurozone’s top two economic powers, France and Germany, have been indecisive on selecting a suitable replacement for Juncker for around half a year. Paris has rejected a suggestion from Berlin that German Finance Minister Wolfgang Schaeuble be given the pivotal job.

Juncker is known as one of the originals who initiated the idea of the euro currency. His experience in dealing with financial turmoil in the single currency zone has made difficult to find a replacement for him.

Other likely candidates include French Finance Minister Pierre Moscovici and Finnish Prime Minister Jyrki Katainen