Paschal Donohoe Re-elected as Eurogroup President for Third Term

Minister for Finance Paschal Donohoe has been re-elected as Eurogroup President for a third term. His new term, which will last two-and-a-half years, will commence on Sunday.

In a statement, Minister Donohoe said he was 'very grateful to my fellow ministers for the trust they have placed in me to continue leading our important work for a third term'. He added: 'In the face of significant geopolitical changes, the euro area has proven to be very resilient. It will be my task to further strengthen our common currency area and facilitate tangible progress on our key work streams during this next mandate - from budgetary coordination to the Capital Markets Union, and from the digital euro to the Banking Union'.

Earlier, Spain's Economy Minister Carlos Cuerpo withdrew his candidacy after it became evident that he lacked sufficient support, clearing the way for Minister Donohoe's re-election. Lithuanian Finance Minister Rimantas Šadžius also told reporters today he was withdrawing his candidacy. Mr Šadžius said he was doing so 'in the name of consensus'.

Minister Donohoe took the helm in 2020 at the informal body of finance ministers, whose chief also carries weight in Brussels policy making. When Mr Donohoe ran again in 2022, he was the sole candidate. The Eurogroup chair is tasked with making sure EU countries that use the euro coordinate national financial policies - a job whose significance was on full show during the 2008 global financial crisis.