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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.
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