Nice, France - The mandate of Luxembourg Prime Minister Jean-Claude Juncker as head of the group of countries that share the euro was extended by two years, European Union diplomats said Friday.

The decision was taken by eurozone finance ministers at an informal meeting in Nice.

Juncker, who is 53, first assumed the influential position in 2005.

The renewal of his mandate comes at a delicate time for the European economy, which is facing a slowdown and, possibly, a recession.

Juncker is currently the longest-serving head of government in Europe and also acts as Luxembourg's finance minister. (dpa)