FINANCE MINISTER PASCHAL Donohoe is expected to be re-elected for a second term as president of the Eurogroup this afternoon.

The Eurogroup confirmed that Donohoe was the only minister to put his name forward for the role when nominations closed two weeks ago.

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.

A second term for Donohoe would begin on 13 January, 2023, and run for two-and-a-half years.

Donohoe will chair the December meeting of the Eurogroup in Brussels today, with the election for the group’s new president to take place in the afternoon.

Today’s Eurogroup meeting will focus on coordinating efforts in response to the high energy prices and inflationary pressures.

Minister Donohoe will also present the Eurogroup’s work programme for the first half of 2023, which will be published on the Eurogroup website upon approval.

Speaking ahead of the meeting, Minister Donohoe said: “The Eurogroup has been at the forefront in both assessing and analysing the impact of higher energy prices and inflation on the euro area economy.

“We have worked to coordinate our actions, between national policies across member states, and between fiscal and monetary policies, to ensure both are effective and do not add to the inflationary pressures.

“Now we must have greater ambition; my first priority, if re-elected as President of the Eurogroup, will be to deliver tangible results from this policy coordination.”