The Minister for Finance, Paschal Donohoe TD, has today (Thursday) been elected as President of Eurogroup of Finance Ministers, succeeding Portugal’s Mario Centeno. His term will commence on 13 July, and he will serve for 2.5 years in the role.
Minister Donohoe was elected by his fellow Euro Area Finance Ministers at a meeting of the Eurogroup held by video conference. The other candidates were Minister Nadia Calviño of Spain, and Minister Pierre Gramegna of Luxembourg.
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 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 on confirmation of the outcome, the Minister stated:
I am honoured that my fellow Finance Ministers have chosen me as the next Eurogroup President, and I wish to pay tribute to the important work carried out by Mario Centeno.
The Eurogroup is the economic engine for the Eurozone and the single currency. My immediate priority, as President, will be 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. Across the EU our citizens are looking to us to provide the necessary leadership.
As President, I will seek to build bridges amongst all members of the Euro Area, and to engage actively with all Member States, to ensure that we have a consensus-based approach to the recovery of our economies and our societies. I will bring to the table Ireland’s experience as a small Member State that has been a Programme country but which has also seen its economy and society transformed through EU membership.
I look forward to working closely with my counterparts to ensure an inclusive and transparent Eurogroup, that delivers economic recovery, prosperity and jobs in the best interest of Europe and its citizens.
Note to Editors
The election of Eurogroup President took place at the Eurogroup meeting of 9th July, with Minister Donohoe being elected by a simple majority for a two-and-a-half year term. The position is held by a serving Finance Minister from a Euro area Member State.
Minister Donohoe succeeds the incumbent, Mario Centeno of Portugal, who has stepped down as finance minister and, therefore, did not seek a second term as Eurogroup President.
The Minister set out his vision for the Eurogroup, and how he would shape its work if elected, in a letter to his fellow Ministers.