The Portuguese government is set to support Irish Finance Minister Paschal Donohoe in his bid for reelection as the president of the Eurogroup. He has held this position since 2020 and faces potential competition from candidates such as Spain and Lithuania.
This information, confirmed in a statement by the European People’s Party—which includes Portugal’s PSD—indicates that center-right EU finance ministers have expressed complete support for Donohoe’s candidacy for another term as Eurogroup president.
Besides Paschal Donohoe, other contenders for the Eurogroup leadership include Spain’s Minister of Economy, Trade and Enterprises, Carlos Cuerpo, and Lithuania’s Finance Minister, Rimantas Sadzius.
Portugal’s support for Ireland marks a deviation from an informal agreement of mutual support between Portugal and Spain for high-level EU positions.
The Eurogroup is an informal body that brings together euro area finance ministers to discuss matters related to the single currency.
A simple majority—11 affirmative votes from 11 countries—is required to elect the Eurogroup president, who serves a two-and-a-half-year term.
Once elected, the president presides over Eurogroup meetings, sets agendas, develops long-term work programs, and represents the Eurogroup in international contexts.
Paschal Donohoe has been serving as Eurogroup president since July 2020. He was re-elected in December 2022.
Donohoe succeeded former Portuguese Finance Minister and current Bank of Portugal Governor, Mário Centeno, who led the Eurogroup from January 2018 to July 2020.
The Eurogroup was established in 1997.
This development follows a recent Eurogroup meeting in Luxembourg, where the formal voting criteria were determined, given the informal nature of the structure.
The meeting of European People’s Party finance ministers also took place in Luxembourg earlier in the day, prior to the Ecofin session, with the participation of Portuguese Finance Minister Joaquim Miranda Sarmento.
