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Free AccessEurogroup Pres. Donohoe Set For Second Term
Incumbent Eurogroup President, Ireland's Paschal Donohoe, is set for a second 2.5 year term at the head of the organisation of eurozone finance ministers. No other EZ finance ministers put their names forward, meaning Donohoe is set to be re-elected unopposed at the 5 October eurogroup meeting.
- EU statement: https://www.consilium.europa.eu/en/press/press-rel...
- The role has little in the way of official powers, but is seen as important in bridging divisions and encouraging consensus within the 19-member bloc.
- Donohoe's second term will set something of a precedent, given that he is expected to shortly leave the office of the Irish Finance Ministry.
- As part of a coalition deal, Ireland will undergo a major gov't reshuffle in December. Donohoe from the centre-right Fine Gael will become Minister for Public Expenditure and Reform, while the centrist Fianna Fail's Michael McGrath becomes finance minister.
- Donohoe will remain as eurogroup president, but will no longer serve as Ireland's representative, with McGrath taking the position. A number of eurozone states seen as keen to keep Donohoe in position during a period of economic turbulence for the bloc.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.