Ireland’s Paschal Donohoe Reelected Eurogroup Chair

Irish Finance Minister Paschal Donohoe was reelected to lead the Eurogroup — the grouping of the finance ministers of the 19 countries using the euro — the Council of the European Union said on Monday.

Donohoe was “reelected by consensus” for another two-and-a-half years, it said in a statement. Donohoe, 48, has been chairing the group since July 2020 and was the sole candidate for a new term.

The Eurogroup is an informal body of eurozone finance ministers, but its chief carries weight in Brussels policy-making.

The post-holder is tasked with ensuring the coordination of national financial policies of the EU countries that use the euro — a job whose importance was highlighted during the 2008 global financial crisis.

It was also a key position involved in shoring up much of the EU as it was buffeted by the economic ravages of Covid, and will be in the spotlight again as Europe teeters into recession, largely because of fall-out from the Russian war in Ukraine.

“It is a great honour to serve as President of the Eurogroup and I am grateful that my fellow ministers entrust me with chairing our discussions for a second term,” Donohoe said after his reelection.

“I have been, and will continue to be, a genuine and honest broker in our negotiations, ensuring that all voices and positions are taken into account,” he added.

His new term will start on January 13, 2023.

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