Stocks falter as Jeroen Dijsselbloem named Eurogroup head

<p>The major European stock indices have lost ground as Jeroen Dijsselbloem is named head of the Eurogroup.</p>

Most of the major European stock indices have faltered in trading today (January 22nd), after Jeroen Dijsselbloem was named head of the Eurogroup of finance ministers.

The Dutch finance minister was elected to replace Jean-Claude Juncker as the new head of the committee and the appointment has not come as a surprise.

Mr Dijsselbloem wants to focus on long-term policies rather than crisis management and insisted the eurozone should continue with its economic reforms and austerity measures designed to resolve the sovereign debt crisis.

Prior to being elected, he wrote to the Eurogroup: "We now need to keep the momentum going, to ensure we retain the confidence we managed to regain in a lasting manner."

At 11:10 GMT, the pan-European DJ Eurostoxx 50 index fell by 0.2 per cent to 2720.4 points, while the German Dax slipped by 0.4 per cent to 7714.7 points and the Cac 40 retreated by 0.3 per cent to 3748.8 points.

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