Paschal Donohoe is re-elected as Eurogroup president

Finance Minister Paschal Donohoe. Photo: Damien Storan/PA

Sarah Collins

Finance Minister Paschal Donohoe has been re-elected unanimously as head of the Eurogroup, after months of speculation.

Following a vote in Brussels, he will continue to chair the monthly meetings of euro finance ministers for another two-and-a-half years.

He required the support of just 10 member states to get the job, but gained the support of all 19 ministers today.

Mr Donohoe’s current term was due to end in mid-January. His second term will take him until July 2024.

His re-election means Mr Donohoe and his soon-to-be replacement as finance minister, Michael McGrath, will both attend Brussels meetings.

It’s the second time that such an exception has been allowed.

Former Luxembourg prime minister Jean-Claude Juncker chaired Eurogroup meetings alongside his finance minister for almost 10 years.

In a letter to ministers announcing his candidacy, Mr Donohoe promised to be a “genuine and honest broker” in negotiations and said he had “made the case for the euro area’s economic recovery”.

He said that his first priority, if re-elected, would be to strengthen economic co-ordination between the euro area’s soon-to-be 20 members, and with the European Central Bank, to ensure government spending does “not add to the inflationary pressures”.

He also promised to “continue and broaden” dialogue with the United States.

The Eurogroup presidency is considered one of Europe’s top jobs.

The holder chairs monthly meetings of finance ministers from the soon-to-be 20 countries using the euro and represents the bloc at EU leaders’ summits and some international meetings, including the G7.

Mr Donohoe said he has been “a consensus builder” and “a constant political contact” as Eurogroup president and that his re-election would “offer stability and experience in the Eurogroup at a time of growing economic uncertainty”.

He was first elected to the position in July 2020. His bid for re-election comes ahead of the Cabinet reshuffle, when he is expected to switch portfolios with Public Expenditure and Reform Minister Michael McGrath.