In a statement released today, the Council of the European Union announced that three ministers are contenders for the presidency of the Eurogroup. The candidates are Carlos Cuerpo, Spain’s Minister of Economy, Trade, and Enterprises; Rimantas Sadzius, Lithuania’s Minister of Finance; and the current leader, Ireland’s Minister of Finance, Paschal Donohoe.
As previously reported, the Portuguese government is backing Irish Finance Minister Paschal Donohoe for re-election to the Eurogroup leadership, a position he has held since 2020, against the candidates from Spain and Lithuania.
This support from Portugal to Ireland marks a departure from an informal agreement between Portugal and Spain for mutual support in high-ranking EU roles.
The Council, which comprises EU member states, noted that the election of the new president is scheduled for the next Eurogroup meeting on July 7, requiring a simple majority of Eurogroup ministers (11 of 20 votes).
The winning candidate will be announced to the ministers at the conclusion of the vote.
The Eurogroup is an informal body that brings together euro area ministers to discuss matters related to the common currency.
Once elected, the president is tasked with chairing Eurogroup meetings and setting agendas, developing long-term work programs, and representing the Eurogroup in international forums.
Paschal Donohoe has occupied the role since July 2020.
He was re-elected in December 2022.
He succeeded former Portuguese Finance Minister and current Governor of the Bank of Portugal, Mário Centeno, who held the Eurogroup presidency from January 2018 to July 2020.
The Eurogroup was established in 1997.
Any sitting minister responsible for the finances of a euro area member state is eligible to be elected as Eurogroup president.
