Paschal Donohoe, Ireland’s Finance Minister has been elected as the next President of the Eurogroup, following a secret ballot conducted online on Thursday.
Donohoe succeeds the Portuguese chairman, Mario Centeno, who resigned in June, after he announced he will not seek a second mandate, with his tenure scheduled to come to an end on July 13.
The Irish Finance Minister prevailed over Spain’s candidate, Nadia Calviño and Luxembourg’s Pierre Gramegna, who dropped out after the first round.
His election was “a great win for Ireland,” said Taoiseach Micheál Martin.
Although Eurogroup’s decisions are not legally binding, the EU informal body is highly influential. The new President will take over the 2.5 year post amid key negotiations on the bloc’s fiscal response to the Coronavirus pandemic and EU’s budget for 2021-2027.
Speaking at a press conference, Donohoe said his is confident that the Eurogroup could play an “essential role in forging a consensus” on EU policy decisions.
