Finance ministers from the EU’s 19 Eurozone countries will elect a new president of the Eurogroup later today.
Ireland’s finance minister Paschal Donohoe is one of three candidates up for the job.
The other two candidates are from Spain and Luxembourg.
He will be competing against contenders from Luxembourg and Spain.
The Fine Gael MEP Sean Kelly says Minister Donohoe has a 50/50 chance of being elected to the high-profile position.
"From what I hear it will come down to Paschal and the candidate from Spain," Mr Kelly said.
"He did a very good job in Ireland, seeing how we recovered and it was done in a very responsible way which is very important for a job like this.
"Of course, the fact that he was working with Michael Noonan prior to that when the recession was in progress.
"We went from a position where we were seen probably as one of the worst performing countries in Europe to probably the best.
"That economic side is so important and the Finance Minister has a huge role to play so all of that should be very positive for Paschal."
Mr Kelly said that from an Irish perspective it would be better for the country to have a chairperson given the challenges that will face Ireland over the coming years.
Obviously, he will have to be fair-minded which he will be and he will take the broader perspective into account.
"But at the same time, it will be great prestige for Ireland to be president of the Eurogroup. It is a powerful position and it would be good for Ireland.
"It would be recognition that Ireland is performing well and they have great confidence in us.
"In a post-Brexit scenario, any leg up we can in Europe is going to be needed and would be very good for us."