Biggest news out of the EZ last night......>

EUROZONE: Biggest news out of the EZ last night was the election of Irish

finance minister Paschal Donohoe as the next President of the Eurogroup.

- Donohoe's election came as a surprise to observers, with Spanish finance

minister Nadia Calvino seen as the frontrunner in the lead up to the vote.

- In the event, Donohoe won by a single vote in the 2nd round of balloting,

following the elimination of Luxembourg's Pierre Gramegna in the 1st round.

- The Irishman won his 2.5yr term despite Calvino having the support of Germany,

France, Italy, and Spain. 

- His win came through support of finance ministers from northern EZ economies

and from other finance ministers whose parties sit with Donohoe's Fine Gael as

part of the centre-right European People's Party. 

- Donohoe taking the eurogroup presidency gives the EU's institutions a more

even political split, with the now EPP holding the eurogroup and Commission

presidencies, the centre-left S&D the Parliament president and the foreign

policy brief, and the liberal RE the Council presidency.