Competition for Eurogroup President Intensifies with Spanish and Lithuanian Candidates

Finance Minister Paschal Donohoe faces competition in his bid for another term as Eurogroup president. Politicians from Spain and Lithuania have announced their candidacies. Donohoe, who has served two terms, expressed his interest in continuing. Spain's finance minister, Carlos Cuerpo, promises a 'renewed impetus' for the Eurogroup, emphasizing growth, competitiveness, welfare state, and integration. Socialist Cuerpo is seen as the main competitor, with Lithuania's Rimantas Šadžius also in the race.

Any euro area finance minister can be elected Eurogroup President, with the term lasting two and a half years. The election for the next president is set for 7 July, requiring a simple majority of the Eurogroup ministers. The Eurogroup, formed in 1997, facilitates discussions among euro area ministers on economic policies and growth promotion.

According to the source: The Journal.