FINANCE MINISTER PASCHAL Donohoe is to secure his second term as president of the Eurogroup as the application deadline has passed, and no one has opted to run against him.

The Eurogroup confirmed that Donohoe was the only minister to put his name forward for the role, and that he will be elected when the group reconvenes on 5 December. 

The minister will hold the role of Eurogroup president for two-and-a-half-years.

The group is an informal body where ministers of euro area member states discuss common concerns around sharing a single currency. They meet monthly in relation to economic policies, taxation issues and the regulation of financial services.

In his letter of motivation submitted to the General Secretariat of the EU Council Donohoe said that his work during his first term was shaped by the “unprecedented public health and economic impacts of the Covid-19 pandemic”, and the impact of Russia’s “horrific and illegal war in Ukraine”.

Donohoe vowed to strengthen coordination between eurozone countries on tackling inflation and higher energy prices in his bid for a second term as president.

The minister’s application for the presidency came despite plans for the cabinet reshuffle to take him out of the Finance portfolio on 17 December, when Minister Michael McGrath is due to take over. 

After much speculation on the impact of the upcoming cabinet reshuffle on the government’s efforts to remain at the helm of the Eurogroup, Donohoe now appears set to continue on as president while swapping into the role of Public Expenditure Minister. 

McGrath will also attend Eurogroup meetings in his capacity as Finance Minister.

The first president of the Eurogroup was Jean-Claude Juncker. Paschal Donohoe is the fourth minister to take up the post, having entered the role in July 2020.