Paschal Donohoe submits candidacy for a second term as President of the Eurogroup

Paschal Donohoe has submitted his candidacy for a second term as President of the Eurogroup of Finance Ministers.

e was first elected to office in July 2020 for two and a half years. His current term ends on January 13, with a vote on the new chairman scheduled for December 5.

Secretary Donohoe’s offer comes ahead of next month’s cabinet reshuffle.

Mr Donohoe is expected to swap ministerial posts with current Public Expenditure and Reform Secretary Michael McGrath.

After these changes, Mr McGrath would attend Eurogroup and ECOFIN meetings as Irish Finance Minister.

“If re-elected, Minister Donohoe will carry out his duties as President of the Eurogroup as Minister for Public Expenditure and Reform,” the government said in a statement earlier this month

In a letter to the Eurogroup, Mr Donohoe wrote that his main priority would be to strengthen coordination between nations to tackle rising inflation.

“Since autumn 2021, the Eurogroup has been at the forefront of both assessing and analyzing the impact of higher energy prices and inflation on the euro area economy,” he wrote.

“We have worked to coordinate our actions between national policies in member states and between fiscal and monetary policies to ensure both are effective and do not add to inflationary pressures.”

He added that he will also focus on strengthening the European Banking Union and, in the event of re-election, will stimulate a discussion on the digital euro.

Earlier this month, Belgian Finance Minister Vincent van Peteghem said he “fully supports” a second two-and-a-half-year term for Mr Donohoe and called for “stability” and “continuity” as the eurozone economy heads for recession.

Dutch Finance Minister Sigrid Kaag also indicated in early November that she would support her Irish counterpart, citing “the value of continuity in times of great economic uncertainty”.

The President of the Eurogroup is elected by a simple majority of at least 10 votes.

https://www.independent.ie/business/irish/paschal-donohoe-submits-candidacy-for-second-term-as-president-of-eurogroup-42160051.html Paschal Donohoe submits candidacy for a second term as President of the Eurogroup

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