Finance Minister Paschal Donohoe to retain presidency of Eurogroup

Rival candidates pull out ahead of vote

Finance Minister Paschal Donohoe is set to be reelected as president of the euro area’s group of finance ministers. Picture: PA

Finance Minister Paschal Donohoe is set to be reelected as president of the euro area’s group of finance ministers, retaining a leading role in the region’s efforts to enhance the profile of its common currency.

Rival candidates Carlos Cuerpo of Spain and Lithuania’s Rimantas Sadzius pulled out of the race, leaving Mr Donohoe as the only candidate ahead of a vote later on Monday. Mr Donohoe will now continue to chair monthly meetings of the 20-member club during a third term that is likely to feature a renewed push to unify capital markets and set up a digital euro.