Latest news with #EconomicandFinancialAffairsCouncil
The Journal
07-07-2025
- Business
- The Journal
Paschal Donohoe is keeping his big job in Europe because his competitors pulled out last minute
PASCHAL DONOHOE IS to remain as President of the Eurogroup for a third term after the two politicians contesting the role pulled out of the race at the last moment. Politicians from both Spain and Lithuania announced that they were throwing their hats into the ring last month , while Donohoe had expressed his interest in continuing his tenure as chair of the group earlier this year. Spain's finance minister Carlos Cuerpo promised a 'renewed impetus' for the Eurogroup when announcing his candidacy. Cuerpo was considered Donohoe's main competitor, although Lithuania's Rimantas Šadžius, who had also put himself forward. He said it must play a key role in the European political agenda and 'achieve tangible results in terms of growth, competitiveness, welfare state, and integration'. Any minister with responsibility for finance from a euro area member state may be elected President of the Eurogroup. The candidate must be a sitting member of the Eurogroup at the time of the election. The president's term is two and a half years. Advertisement The Eurogroup is an informal body created in 1997 in which the ministers from the euro area member states discuss matters relating to their countries' common responsibilities related to the euro. They coordinate economic policies and try to promote economic growth. They usually meet once a month, before the Economic and Financial Affairs Council meeting. Tánaiste Simon Harris congratulated Donohoe on 'a significant personal achievement' that reflects 'the confidence and trust of his European colleagues'. Harris, who is also the leader of Donohoe's party, said the appointment was 'a source of great pride for the Fine Gael party and for Ireland'. 'I'm so proud that one of our own will continue to play such a central role in shaping the economic direction of the Eurozone,' Harris said. With reporting from David Mac Redmond Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
The Journal
27-06-2025
- Business
- The Journal
Donohoe faces last-minute competition for Eurogroup job as Spaniard and Lithuanian get involved
FINANCE MINISTER PASCHAL Donohoe will face some competition in his pursuit of another term as Eurogroup president. Politicians from both Spain and Lithuania announced today that they're throwing their hats into the ring. Donohoe, who has served two terms, expressed his interest earlier this year in continuing for another. Carlos Cuerpo, Spain's finance minister, announced his candidacy on X, promising a 'renewed impetus' for the Eurogroup. He said it must play a key role in the European political agenda and 'achieve tangible results in terms of growth, competitiveness, welfare state, and integration'. Socialist Cuerpo is considered Donohoe's main competitor, but Lithuania's Rimantas Šadžius is also in the race. Advertisement Any minister with responsibility for finance from a euro area member state may be elected President of the Eurogroup. The candidate must be a sitting member of the Eurogroup at the time of the election. The president's term is two and a half years and the next president will be elected on 7 July. They require a simple majority of the Eurogroup ministers. If none of the candidates receives at least 11 of the 20 votes at the end of the first voting round, each candidate will be informed individually of the number of votes that they received, and they can drop out if they wish. The ministers keep voting until a simple majority is reached. The Eurogroup is an informal body created in 1997 in which the ministers from the euro area member states discuss matters relating to their countries' common responsibilities related to the euro. They coordinate economic policies and try to promote economic growth. They usually meet once a month, before the Economic and Financial Affairs Council meeting. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
