Moscovici says not candidate to head Eurogroup

(PARIS) - French Finance Minister Pierre Moscovici said on Friday that he was not in the running to head the Eurogroup of eurozone finance ministers.

"I am not a candidate," Moscovici said on BFMTV and RMC radio. "I am not campaigning."

Luxembourg Prime Minister Jean-Claude Juncker announced last week that he would step down as head of the Eurogroup at the end of the year or beginning of 2013.

Juncker has held the post since it was created in 2005, and stayed on for six months after his mandate expired in July owing to the absence of a candidate clearly acceptable to both the main powers in the 17-member currency union, France and Germany.

The two countries, the eurozone's biggest, have not managed to agree so far on who should take on the pivotal job, with Paris resisting a suggestion from Berlin that German Finance Minister Wolfgang Schaeuble be named.

Although Germany has the biggest economy in Europe and pays the most into European Union and eurozone coffers, few Germans hold powerful EU positions.

One idea which made the rounds was having Schaeuble and Moscovici split the term as was done for the first head of the European Central Bank, but officials never confirmed this was under serious consideration.

Moscovici praised Juncker, saying he had made the post of the head of the Eurogroup what it now is.

"He is very difficult to replace and we will reflect on it together," said Moscovici.

The Eurogroup helps coordinate policy between the 17 counties which share the euro, with it also taking decisions on whether to approve funding instalments under bailout agreements.