Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
LAST UPDATE | 9 Jul 2020
MINISTER FOR FINANCE Paschal Donohoe has been elected new president of the Eurogroup – the group of finance ministers from the 19 countries that use the Euro currency.
Donohoe won out against Spanish Minister of Economy Nadia Calvino, who had been in pole position to take the job, in the second round of voting this evening.
The Eurogroup takes decisions on policy issues related to the management of the Euro-area economy.
Seen as a strategic position, the president chairs the monthly meetings of Eurozone finance ministers and is tasked with bringing to order the economic policies of countries that often sharply diverge on such matters.
The task requires a great deal of diplomacy, since it involves forging compromises between richer countries in the north that insist on budgetary discipline and those in the south that are considered more lax.
In a statement this evening, Donohoe said: “The Eurogroup is the economic engine for the Eurozone and the single currency.
My immediate priority, as President, will be to chart a common way forward on building the European recovery, strengthening the Eurozone economy, and promoting sustainable and inclusive growth for Member States and their citizens. Across the EU our citizens are looking to us to provide the necessary leadership.
I will bring to the table Ireland’s experience as a small Member State that has been a Programme country but which has also seen its economy and society transformed through EU membership.
Donohoe becomes the fourth president of the Eurogroup, after Luxembourg’s Jean-Claude Juncker, Netherlands’ Jeroen Dijsselbloem and Portugal’s Mário Centeno. Juncker, in particular, was prominent in the role during the financial crisis of the last decade onwards.
He will still perform his role as Minister of Finance in the Irish government alongside the presidency of the Eurogroup.
Speaking this evening, Donohoe reiterated that first criteria in his new role will be for EU members to agree a recovery fund during Covid-19.
“We are in the midst of a profound economic challenge as we speak tonight,” he said.
“There are so many citizens here in Ireland and across Europe who are unsure if they’ll have a job, what their income is going to be tomorrow and so many employers worried that they might not be around next year.
“So the number one fiscal priority has to be reaching agreement in relation to the recovery fund and then implementing it,” he said.
Taoiseach Micheál Martin has congratulated Donohoe on his appointment.
“This is a very proud achievement for Minister Donohoe and is a testament to his personal experience and skills,” he said.
“It is also good news for the country. At such a critical time for the Eurozone economy it is very important to have an Irish voice influencing decisions and economic policy.”
Tánaiste Leo Varadkar, meanwhile, described Donohoe’s election as a “singular, personal achievement” and “something that was very good for Ireland”.
He said the appointment was a “diplomatic coup”.
In a statement last week, the Department of Finance said this would be a crucial time to take the role.
“The Eurogroup President has a vital role in shaping the agenda and policy response to major economic issues, including the economic impact of the present Covid-19 pandemic,” it said.
Donohoe will now serve a two-and-a-half year term.
Similarly to Ireland’s recent bid for a seat the UN Security Council, Donohoe had aimed to drive home the national reputation of the Irish as bridge builders in his bid for the Eurogroup presidency.
Donohoe has received the “full support” of the Europan People’s Party, the political family which brings together the European conservative parties, including Angela Merkel’s CDU in Germany.
With reporting from AFP
To embed this post, copy the code below on your site
More pensions
@classic: Choo Choo.. Gravy train.. Choo Choo
@Daimhín De Naois: I don’t know, you seem to be doing just that. While not the most articulate, he does come across as intelligent, easy to work with and apparently a good minister. And those claiming “more pensions”, are they are that we pay for all euro political roles, regardless of whether a Dubliner is in them. Still think the Spanish one will win.
@classic: typical small minded person knocking anyone that does good for our wee country
@Daimhín De Naois: Probably why you don’t show your face ….
@classic: it’s always better to be well represented than being outside with a loudhailer.
@classic: No pay or pension comes with this.
@classic: It could be you.
@classic: There is no pay for this.
Good luck Pascal. Great to be considered for such a high profile position.
@lambda sensor: It’s great for him. But is it good for the country? Doesn’t Ireland need a full time finance minister with the coming crisis?
@Mairead Jenkins: Is it good for anyone is the question, hopefully he’ll do a good job.
@Mairead Jenkins: He is going to chair the meetings he attends anyway.
Typical Irish begrudgery.
Samuel Johnson said in the eighteenth century that “the Irish are a very fair people. They never speak well of one another.” That spirit is still alive and well on the Journal.
I wouldn’t vote for Paschal in a month of Sundays but I am still proud of the achievement for our small country.
@Ciaran O’Mara: Really, you wouldn’t vote for him, but we should all approve of this just because he’s Irish? Interesting logic
@Ciaran O’Mara: why would you not vote for him? He’s an excellent minister and not financially illiterate like a lot of our politicians
@Sarah Connor: just because I don’t agree with his politics doesn’t blind me from recognising his achievement. Sometimes we should rise above partisanship and put aside bitterness for the sake of the national interest. Donohoe now has an opportunity to exercise some influence at European level which a small country seldom gets.
@Sarah Connor: Sarah he’s saying you can have different politics but still recognise someone doing well. Get over your pettiness.
@Virgil: lol needed a laugh.
Career guidance councillors should just advise all students to enter politics. Maximum pay for minimum work and never have to worry about money again
@Lily Martin: minimum work? Why don’t you run for election so?
@Lily Martin: haha enough with the lazy rhetoric! you honestly believe they don’t work for the wage they’re paid?
@Lily Martin: Huge hours spent away from family, clinics, committees, continued and sustained abuse on the internet from people who do nothing themselves, your every word used against you, every character flaw or mistake comes back to haunt you.
Most of them are extremely decent people who get into politics for all the right reasons. There’s far easier ways of making a bit of money in Ireland than becoming a TD.
The All Year Moaners on The Journal, Twitter, Boards etc should start their own political party. That would actually be hilarious.
@Ahya: “Most of them are extremely decent people….” That gave me a laugh – billions squandered with no accountability, drink driving on a provisional licence, criticising frontline workers who raise legitimate concerns about, e.g., bodies rotting in morgues, finance ministers with no bank account, happily relying on proven liars and cheats to keep their governments afloat. Pinnacles of morality, the lot of them.
@Lily Martin: enlighten us on how many hours they work
@Lily Martin: you would not last a day in the job
Good Luck!
@Alanjturing: That’ll put a feather in his hat! Good man Pa
@Alanjturing: This appointment is good for the country also.
Love seeing the salty comments from the geniuses
PD had a successful career with Proctor and Gamble before going into politics. Took a pay cut to become a TD in fact.
@Goban Saor: CEO of spoofing
The mans ego knows no bounds.
@pabloeskabab: ah would you stop moaning. For an Irish person to get the position would be excellent for the country on a diplomatic and economic standing.
@Shane Russell: if they were a person The mans a robot has no empty for the ordinary man in the street. Tax tax and work till yer 70t tax.
@pabloeskabab: Do you people ever take a day off from endlessly moaning on the internet? Run for politics yourself.
@Ahya: Pablo is right, if you look at the taxation systems imposed by FF and FG during/post the financial crisis, you’ll find that FF even during the height of the crisis introduced progressive tax’s (meaning the people on lesser wages paid considerably less than counter parts) FG simply didn’t care and have had the most regressive tax system since they have got into office.
Why did #keeptherecoverygoing fail so spectacularly because the regressive tax system ensured nobody felt a recovery
@pabloeskabab: —–And YOU apparently have an awful lot of “empty” someplace!
@Shane Russell: Ah yes, because he done such a wonderful job here. Can’t keep the pigs from the trough.
@pabloeskabab: give over you crier.
@David Kavanagh: You’re dead wrong there.
Ireland has, by far, the most progressive system of Direct & indirect taxes in the EU.
@donnchawish:
I didn’t state that the overall system is regressive like your straw man fallacy would suggest. I stated that Fine Gael policy makers for the last 10 years love regressive taxes.
Joan Burton “Fine Gael is proposing income tax cuts that will only benefit the top 20% and which will take €2.5 billion a year out of public spending on housing and health at a time when nearly 4,000 children are in emergency homeless accommodation and over 200,000 children are waiting for hospital appointments.”
Carbon tax back up: https://twitter.com/greenparty_ie/status/1181682275794247681?s=21
@David Kavanagh: That’s not true
@Roland D Hay: Can you provide proof of progressive taxes introduced by FG or the removal of USC as promised by FG? Or are you going to just give me opinions while I have provided 3 taxes or tax cuts that are regressive.
@Roland D Hay: I don’t know if you want to argue with an Irish times article and a doctor in economics but here you go;
“The report author said inequality in Ireland was exacerbated further by the “relatively high cost of living and lack of universal provision in public services, in particular health, childcare and housing”.
“the incidence of people “at risk of poverty” remains “stubbornly high” at 24 per cent, and is surpassed only by southern and certain eastern European states.”
Hardly a glowing review for FG
@John Mc Donagh: pretext it happens all the time, empathy is wot he meant
@Gerard Heery:—- But “emty” is wot he wrote and emty means something else —-Don’t it?
A very competent minister.
Safe pair of hands. Well done Paschal
Fair play and good luck. Raising Ireland’s profile
Congratulations Paschal. Fantastic result for you, FG and Ireland!
Congratulations to Paschal!
Great vote of confidence in Ireland, by our Finance Minister winning this prestigious EU appointment!
Conservative northern European eurozone nations clearly must have rowed in behind Ireland’s nominee, as Spanish nominee was hot favorite to win over past couple of days, according to Press Reports.
They lad who had Irish banks run rings around him and tell him how to do his job….! Maybe that is what they want?
Good luck! (slime bag)
@John Harkin: grown up
Paschal must have got elocution lessons because he has a strange voice.
@Frances Faller: He’s very clear and concise and seems to do his job well.
@Frances Faller: tool.. He’s the best finance minister we have had in 30 years.
@Frances Faller: he has a speech impediment that is why he speaks so deliberately. Fair play to him for not letting it hold him back.
@Frances Faller: Gobshi1te to criticise someone who obviously has overcome a speech difficulty to be successful
Congratulations Pascal. Well done
Euro wide austerity if he gets the job. He loves cutting.., gets a kick from it.
Well the best of luck to him and fluk the begrudgers
With a decision on the Apple €13 Bn tax issue imminent, the timing for Paschal seeking this EU role couldn’t be much worse.
Prediction: The Spanish Lady to get the nod over our Pascalator, as perception within EU will be that essential reform/harmonization on corporate tax issues will be difficult with someone at the helm vigorously defending their country’s 12.5% CT regime…and Apple to hold on to their Billons, as EU can’t seek to tweak a country’s sovereign tax laws retrospectively.
@Rory J Leonard: I agree with you re timing with Apple €13Bn plus interest tax case decision due this month I think!
IFSC advise to Minister of Finance was to include taxing multinationals on-shored here between 2015-2017 but Minister just taxed multinationals on-shored here from January 1st 2018.New OECD rules on digital taxes due to come in this year so interesting to see if Minister gets this position, baring in mind eg :his reluctance to tax multinationals on-shored here before 2018!
@Nuala Mc Namara: Sorry, I meant to say IFAC!
@Rory J Leonard: Any more predictions? Tomorrow’s 2.30 from Navan?
Beware… the gwass is not always gweener
@Aodhan Tinney: I have a marrowfat pea here boasting it’s larger and more moist than your brain, is it true?
@Aodhan Tinney: 1diot
@Aodhan Tinney: Unfair comment from you. He has a voice impediment and only an ignoramus like yourself would try making fun of it.
Well done Minister, Fantastic achievement for one of our own, of course the Begrudges Will be out in force
Considering how inept he is, it’d be a another shocking indictment of the EU if he were to get it. Examples: the obscenely poor Value for taxpayers money spent on Private hospitals, CityWest Hotel, the National Children’s Hospital, lack of enforcement of interest being charged for COBID mortgage breaks…
@Shane Fitzgibbon: Cobid?
Fair play Paschal. Like him or loathe him, he is well read, bright, personable and a good representative for Ireland. Better to be in the tent, than outside peeing in
That was obviously decided well before now. With his ego ( second only to Varadkar) he would never have said he had applied and then get turned down. Europe seems as corrupt as our lot
@Tony Kennedy:
Luckily we have some sensible people representing the country, not bitter buffoons like yourself.
Not for the first time has our finance ministers been picked for top jobs in Europe and the World Well done Pascal.
Well done Paschal. Best of luck in this new role.
I really dont think he deserves it on merit, given his attitude towards the working class people of this country, who paid more than they should have for the failed and regressive taxation and austerity imposed by the policies of FFG governments.
@Brian Purcell: We have a progressive taxation system in this country, but whingers are never happy with anything.
Ugh, so now the whole of the EU has to deal with FG financial policy. I really hope my attitude towards him is wrong and this goes well.
good man pascal kick on let them know we are there
During the brexit debate, our domestic Anglophiles told us Ireland without Britain would lose all its influence in the EU
A Centre Right man for a Centre Right EU.
@jr: It makes sense! Actually the populist right like to claim the EU is under the control of communists, LOL!
Omg, he’s not happy ruining our country, now he wants to ruin a continent
He actually is the best person for job
Are they for real another pension for that robber
@Giles Wolohan:
Why are irish people so obsessed with pensions?
Who says he’s getting a pension or even being paid to be the chair??
Just what we need, a looming recession, and a minister for finance with his eye on two balls
Hope the greens do not make him cycle to europe for any meetings it will cause us billions like everything else he has his mitts in
Did he tell you this himself Goban?
@Derek Poutch: nope! It’s a fact.
Thuper newths
@Αηd®εω: saddo, really, just a saddo.
@Αηd®εω: Saddo and disgusting. It must be great to be perfect
@Αηd®εω: Where ignorance is bliss ’tis folly to be wise!!
Congratulations Pascal! What a sexy man! Eh ladies?
Yawn…
Great achievement, well respected minister.
No doubt he will fob in before flying off to Europe to ensure he gets his expenses here just like his esteemed colleague Dara Murphy did when working in the dail and Europe….
Let’s hope the rest of the finance ministers don’t see that video of Pascal on the box singing outside Huston station
Plenty of comments over the last day or so claiming that Ireland are now in a great position with both Philip Lane and Paschal Donoghue now holding pivotal positons within the EU. Time will tell if there is to be any benefit to this appointment, personally I’m not so optimistic..
I wonder what time he ran the bogies when in Deco’s?
I believe he is one of the better Finance ministers that we’ve had. However, doesn’t this appointment show that even the most responsible jobs in government are really only part-time positions with full time remuneration.
have your say