The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe T.D., has today (Thursday) submitted his letter of nomination for the role of President of the Eurogroup.
The Eurogroup is the body through which Finance Ministers of the 19 Euro area Member States take decisions on policy issues relating to management of the Euro area economy. Finance Ministers of the eight EU Member States who are not part of the Euro area frequently attend meetings given the importance of the issues under discussion. The Eurogroup President has a vital role in shaping the agenda and policy response to major economic issues, including the economic impact of the present COVID-19 pandemic. Minister Donohoe is one of the longest-serving EU Finance Ministers and members of the Eurogroup.
Speaking as he submitted his letter of nomination, Minister Donohoe said: ‘The Eurogroup is the economic engine room for the Eurozone and the single currency which Ireland shares with 18 other EU partners. It is playing a leading role in the EU’s economic response to Covid-19. A strong European economy, with the Euro at its heart, is essential for recovery, growth and job-creation in Ireland and across the EU’.
If elected, Minister Donohoe will be a strong Irish and European voice at the centre of EU economic policy decision-making, and will work closely with Member States and with the European Commission, the European Central Bank, and the European Parliament, in the European interest.
Minister Donohoe said:
Ireland has long been a bridge builder. If elected, I will work to chart a common way forward on building the European recovery, strengthening the Eurozone economy, and promoting sustainable and inclusive growth for Member States and their citizens. I would bring to this task four years’ experience as Minister Public Expenditure and Reform and Minister for Finance, having also served as Minister for European Affairs for Ireland; a small Member State that has been a Programme country but which has also seen its economy and society transformed beyond recognition through EU membership.
The Minister has set out his vision for the Eurogroup, and how he would shape its work if elected, in a letter to his fellow Ministers*. The Minister has also spoken to his colleagues regarding his candidacy and will do so again ahead of the vote at the meeting of the Eurogroup on 9th July.
Note for Editors
The current President of the Eurogroup, Minister for Finance of Portugal Mário Centeno, announced on 11th June that he would not seek a second mandate as President, meaning his term will come to an end on 12th July.
The deadline for the submission of nominations is 17.00 hrs CET on 25th June.
The election will take place at the Eurogroup meeting of 9th July, during which a new President will be elected by a simple majority for a two-and-a-half year term.
* Letter will be uploaded to the Department of Finance website this evening