Mercouris was re-elected to parliament, in September 1932, and made vice-president of the People's Party which he left in November after a disagreement with its leader Panagis Tsaldaris. In December he founded the Greek National Socialist Party. Mercouris represented the party at the Fascist International meeting, in Montreux on December 16/17 of 1934. He was among the more germanophilic adherents of the largely Italian fascism oriented authoritarian, corporatist, and anti-communist movement. He acted as an intermediary between Greece and Nazi Germany. Prime Minister Ioannis Rallis (during the Axis occupation) appointed him Governor of the National Bank of Greece in 1943.