Latest news with #Eurogroup
The Journal
a day ago
- 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
RTÉ News
a day ago
- Business
- RTÉ News
Donohoe facing two candidates for Eurogroup president role
Minister for Finance Paschal Donohoe will face two other candidates as he seeks a new term leading the Eurogroup panel of eurozone finance ministers in a vote next month. Mr Donohoe, 50, took the helm in 2020 at the informal body of finance ministers, whose chief also carries weight in Brussels policy-making. When Mr Donohoe ran again in 2022, he was the sole candidate. This time, Spanish Economy Minister Carlos Cuerpo and Lithuania's Finance Minister Rimantas Sadzius are also in the running, according to the EU council. The Eurogroup chair is tasked with making sure EU countries that use the euro coordinate national financial policies - a job whose significance was on full show during the 2008 global financial crisis. The vote for the next president will take place during the Eurogroup's 7 July meeting in Brussels. A candidate needs a simply majority of 11 out of 20 votes to be elected, and the result will be announced immediately afterwards.
Zawya
2 days ago
- Business
- Zawya
Spain's economy minister launches bid to lead Eurogroup
Spanish Economy Minister Carlos Cuerpo has launched his candidacy to preside over the Eurogroup, an informal body of euro zone finance and economy ministers, a spokesperson for the ministry said on Friday. (Reporting by Inti Landauro; Editing by David Latona)
Reuters
2 days ago
- Business
- Reuters
Spain's economy minister launches bid to lead Eurogroup
MADRID, June 27 (Reuters) - Spanish Economy Minister Carlos Cuerpo has launched his candidacy to preside over the Eurogroup, an informal body of euro zone finance and economy ministers, a ministry spokesperson said on Friday. Cuerpo will seek to "revitalise" the Eurogroup, the spokesperson said in a statement. "The euro area requires urgent and decisive action to strengthen our economic union and enhance the global role of the euro, all while maintaining fiscal and financial stability," the statement added. If picked to lead the Eurogroup, Cuerpo intends to push reforms such as the protracted savings and investment union, as well as strategic investments. The current Eurogroup president is Irish Finance Minister Paschal Donohoe, whose second two-and-a-half year term started in January 2023.
Irish Times
2 days ago
- Business
- Irish Times
Paschal Donohoe faces contest to stay on as Eurogroup chair
Minister for Finance Paschal Donohoe faces a contest to secure a third term as president of the Eurogroup , with two other ministers putting their names forward for the position. Spanish economy minister Carlos Cuerpo and Lithuanian finance minister Rimantas Šadžius are the other two candidates standing in the Eurogroup election. The Eurogroup brings together the finance ministers from the 20 euro zone countries to co-ordinate economic policy, with the president tasked with chairing the meetings. Ministers had until Friday to put their name forward and an election will take place at the next Eurogroup meeting on July 7th. Mr Donohoe had previously indicated he would be running for a third term. READ MORE Mr Cuerpo and Mr Rimantas Šadžius had both been sounding out levels of support to stand against Mr Donohoe in recent weeks. Those in Mr Donohoe's camp are confident of having locked up the backing of more than a dozen capitals. Eleven votes will be needed to clinch the job. Over recent months Mr Donohoe has been busy shoring up support to stay on in the EU role. [ Donohoe 'grateful for strong support' to continue as Eurogroup president Opens in new window ] Mr Donohoe was first elected to the influential role in 2020, beating candidates from Spain and Luxembourg. He was re-elected unopposed in 2022 for a second term. The president, who chairs the meetings of finance ministers, holds the role for two-and-a half years. The longest serving Eurogroup chair was former Luxembourg prime minister and European Commission president Jean-Claude Juncker, who was in the position from 2005 to 2013. Mr Donohoe previously said he had received a 'strong level of support' from finance counterparts in other countries, to remain on as Eurogroup chair. He had indicated he would be interested in a third term earlier this year. Many ministers whose parties sit in the same European grouping as Fine Gael, the centre-right European People's Party (EPP), are supportive of Mr Donohoe remaining in the job.
