Paschal Donohoe has no challenger for the Eurogroup job

Finance Minister Paschal Donohoe has emerged as the sole candidate to succeed him as head of the Eurogroup.

Nominations closed Thursday midday, but Mr Donohoe has yet to secure the support of at least 10 euro-zone countries to secure another two-and-a-half-year tenure in the role.

A vote is scheduled for December 5th.

The finance minister said this week he had received “positive public and private support” from other EU countries for a second term.

Mr. Donohoe’s current term ends in mid-January.

His re-election depends on his colleagues agreeing to allow two Irish ministers – Mr Donohoe and his soon-to-be successor as finance minister Michael McGrath – to attend meetings in Brussels.

There is precedent for the move as former Luxembourg Prime Minister Jean-Claude Juncker co-chaired Eurogroup meetings with his finance minister for almost 10 years.

Mr Donohoe presented his compromise solution to his euro-zone counterparts at a meeting earlier this month.

Belgium and the Netherlands said they backed him for a second term, while Finland made positive noises.

But Spain’s Economy Minister Nadia Calvino – who was one of Mr Donohoe’s rivals for the 2020 role – refused to show her hand, saying only that Mr Donohoe had done a “good job” so far.

The presidency of the Eurogroup is considered one of the top jobs in Europe.

The holder chairs the monthly meetings of finance ministers from the soon to be 20 countries using the euro and represents the bloc at EU leaders’ summits and some international meetings, including the G7.

Mr Donohoe said he had been “a consensus builder” and “a constant political contact” as Eurogroup President and that his re-election “would provide stability and experience in the Eurogroup at a time of growing economic uncertainty”.

He was first elected to the position in July 2020. His re-election bid comes ahead of next month’s cabinet reshuffle, when he is expected to switch portfolios with Public Expenditure and Reform Secretary Michael McGrath. Paschal Donohoe has no challenger for the Eurogroup job

Fry Electronics Team

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