Two out of three ministers vying for the leadership of the Eurogroup withdrew their candidacy today at the start of the meeting set to decide on the new presidency, leaving only the Irish candidate, supported by Portugal, up for vote.
At the commencement of the meeting that will determine the new Eurogroup president for the next two and a half years, Spain’s Minister of Economic Affairs, Carlos Cuerpo, and Lithuania’s Finance Minister, Rimantas Šadžius, withdrew their candidacy, as announced in Brussels.
This means only the Irish Finance Minister and current leader, Paschal Donohoe, will be voted on in this meeting of the informal forum of eurozone finance ministers.
“We believe that the current Eurogroup president meets all the conditions to remain in the position, to be re-elected, hence Portugal’s support for Paschal Donohoe,” stated Portugal’s Finance Minister, Joaquim Miranda Sarmento, speaking to the Portuguese press in Brussels before the start of the Eurogroup meeting.
The Portuguese government has confirmed its support for Irish Finance Minister Paschal Donohoe in his bid for re-election as Eurogroup president, a position he has held since 2020.
This Portuguese support for Ireland marks a departure from an informal agreement between Portugal and Spain for mutual backing for high positions within the EU.
According to the Council, which brings together the EU member states, the election of the new president will be decided by a simple majority of the Eurogroup ministers (11 of the 20 votes).
The winner will be announced to the ministers at the end of the meeting.
The Eurogroup is the informal body that gathers eurozone finance ministers to discuss matters related to the single currency.
Once elected, the president is tasked with chairing the Eurogroup meetings, setting the meeting agendas, developing a long-term work program, and representing the Eurogroup in international forums.
Since July 2020, the role has been held by the Irish minister Paschal Donohoe, who was re-elected in December 2022.
Paschal Donohoe succeeded former Portuguese Finance Minister and current Governor of the Bank of Portugal, Mário Centeno, who served as Eurogroup president from January 2018 to July 2020.
The Eurogroup was created in 1997.
Any acting minister responsible for finance from a eurozone member state may be elected president of the Eurogroup.
