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Most EU finance chiefs did not study business

ONLY 37pc of finance ministers in the EU have studied business or economics, new research has shown.

But economically vulnerable nations in Europe are more likely to appoint a finance minister with a better grounding in advanced-level economics.

In Britain, no chancellor of the exchequer has held a PhD in economics, while approximately two-thirds of the finance ministers of Greece and Hungary held this qualification since 1973.

The figure was at 55pc in Portugal, according to the study by Joachim Wehner and Mark Hallerberg.

"Countries that already have high debts, like Greece, Portugal and Mexico, face more pressure from the markets to appoint people that, at least in terms of their education, appear to be competent," the research pointed out.

"For more economically stable countries such as the UK or Germany, being an economics specialist might be seen to be less important than being a skilled politician."