Paschal Donohoe set for second term as Eurogroup president 

Ireland will have two finance ministers present at the Eurogroup as Fianna Fáil’s Michael McGrath will attend as Ireland’s representative once he becomes finance minister on December 17, as expected
Paschal Donohoe set for second term as Eurogroup president 

Today was the deadline for applications and Mr Donohoe, the current President of the European group of finance ministers, was the only application received, the Group confirmed.

Finance Minister Paschal Donohoe is assured of a second term as President of Eurogroup as he was the only candidate to go forward.

Today was the deadline for applications and Mr Donohoe, the current President of the European group of finance ministers, was the only application received, the Group confirmed.

“Only one minister has put forward his candidacy for the next mandate of the Eurogroup Presidency: Paschal Donohoe, Minister for Finance of Ireland and current Eurogroup President,” the Eurogroup statement said.

This will mean that Ireland will have two finance ministers present at the Eurogroup as Fianna Fáil’s Michael McGrath will attend as Ireland’s representative once he becomes finance minister on December 17, as expected.

The Eurogroup is expected to elect its President at its next meeting on December 5.

Mr Donohoe will formally be elected by a simple majority of the 19 Eurogroup ministers. His second term will start on 13 January 2023 for a period of two and a half years.

At 12pm, Brussels time, on Thursday no other candidates had submitted the letter required to run for president.

The presidency of the powerful group of euro zone finance ministers involves brokering consensus on some of the EU’s fault line issues such as fiscal policy, potentially a crucial role as the continent faces an economic downturn.

Having announced his candidacy last month, Mr Donohoe’s bid for re-election was always likely to be unopposed as he has proven a popular President both at a political and official level.

He won the public backing of the Netherlands and Belgium for a second term and has also had the backing of countries such as France and Germany.

Some member states preferred to avoid the uncertainty of an open contest at a time when economic clouds are gathering and they are already struggling to agree on a replacement for the managing director of the European Stability Mechanism.

Speaking to the Irish Examiner, Mr Donohoe said he was delighted to have received the support of so many colleagues in the Eurogroup.

“I look forward to meeting them all in person at our next meeting on December 5 where the process for the election of the Eurogroup president will conclude,” he said.

There had been uncertainty about whether the upcoming Coalition reshuffle at home would affect Mr Donohoe’s chances, as he is expected to be replaced as finance minister by Fianna Fáil’s Michael McGrath when the Taoiseach's position rotates next month.

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