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Eurogroup Pres. Donohoe Set For Second Term

EUROZONE

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.
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