Paschal Donohoe is re-elected President of the Eurogroup

After months of speculation, finance minister Paschal Donohoe has been unanimously re-elected head of the Eurogroup.

After a vote in Brussels, he will chair the monthly meetings of the euro finance ministers for a further two and a half years.

He needed the support of just 10 member states to get the job but today received the support of all 19 ministers.

Mr. Donohoe’s current term was due to end in mid-January. His second term runs until July 2024.

His re-election means Mr Donohoe and his soon-to-be successor as Treasury Secretary, Michael McGrath, will both attend meetings in Brussels.

It is the second time such an exception has been granted.

Former Luxembourg Prime Minister Jean-Claude Juncker co-chaired Eurogroup meetings with his finance minister for almost 10 years.

In a letter to ministers announcing his candidacy, Mr Donohoe vowed to be a “genuine and honest broker” in the negotiations and said he had “made the case for the economic recovery of the euro area”.

He said his first priority, if re-elected, would be to strengthen economic coordination between the soon-to-be 20 members of the euro area and with the European Central Bank to ensure government spending “does not add to inflationary pressures”.

He also pledged to “continue and expand” dialogue with the United States.

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 the cabinet reshuffle, when he is expected to switch portfolios with Public Expenditure and Reform Secretary Michael McGrath.

https://www.independent.ie/business/irish/paschal-donohoe-is-re-elected-as-eurogroup-president-42197039.html Paschal Donohoe is re-elected President of the Eurogroup

Fry Electronics Team

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