“The Eurogroup has today, by consensus, elected Paschal Donohoe, Ireland’s Minister for Finance, as its president for a third term. His new term, lasting two and a half years, will commence on July 13, 2025,” announced the informal forum of Eurozone ministers in a statement.
Quoted in the release, Paschal Donohoe remarked: “It has been a great honor and privilege to serve as President of the Eurogroup since 2020. I am very grateful to my fellow ministers for the trust they have placed in me to continue leading our important work for a third term.”
The consensus was reached at a Eurogroup meeting in Brussels, where at the start of proceedings, the other two candidates—Spain’s Minister for Economy, Trade, and Industry, Carlos Cuerpo, and Lithuania’s Minister for Finance, Rimantas Sadzius—withdrew their candidacies.
Thus, only the candidacy of Ireland’s Minister for Finance and current leader, Paschal Donohoe, was considered at this meeting of the informal forum of single-currency governors.
“We understand that the current President of the Eurogroup meets all the conditions to remain in office, to be re-elected, and hence Portugal’s support for Paschal Donohoe,” said Portugal’s Finance Minister Joaquim Miranda Sarmento, speaking to the Portuguese media in Brussels ahead of the Eurogroup meeting.
The Portuguese government had previously supported Paschal Donohoe, the Irish Finance Minister, in his bid to re-run for the Eurogroup presidency, a position he has held since 2020.
The Eurogroup is the informal body that brings together euro area ministers to discuss issues related to the single currency.
Once elected, the President is responsible for presiding over Eurogroup meetings, setting the agendas, developing the long-term work program, and representing the Eurogroup internationally.
Since July 2020, this position has been held by Ireland’s Minister for Finance, 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 established in 1997.
Any serving minister responsible for Finance from a Eurozone member state can be elected as Eurogroup president.
[News updated at 16:15]
