Finance Minister throws hat in the ring for second term as Eurogroup president

The Minister for Finance is throwing his hat in the ring for a second term as president of the Eurogroup. 

Minister Paschal Donohoe - who has served as president for the last two and a half years - submitted his letter of motivation to the General Secretariat of the Council ahead of the November 24 deadline. 

In the letter, Donohoe said, "It has been my privilege to serve you as President of the Europgroup since July 2020. Together, we have achieved many successes; nonetheless, challenges remain and new ones are evolving. Reflecting on this, I am writing to ask for your support for a second term and to outline my vision for our further work together in the next two and a half years. 

"When I first sought election, I promised to act as a bridge-builder between North and South, East and West, Ins and Outs, and between larger and smaller member states, to build on the trust and confidence between us.

"I believe my track record over the past two and a half years is evidence of my commitment to fulfilling that promise: 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, and as much as possible, that our outputs and outcomes are agreed by consensus." 

Donohoe spoke of the "complex and challenging" environment first brought forth by the Covid-19 pandemic and then, as European economies began to recover, Russia's "horrific and illegal" war in Ukraine. 

He said, "Since autumn 2021, 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, is to strengthen this coordination." 

Donohoe has committed to maintaining "an inclusive and open approach at all times" and further strengthening the Banking Union, and promises to table a second work plan of politically relevant issues for discussion on the Digital Euro to inform the further work of the European Central Bank (ECB) and Commission. 

He also committed to broadening the transatlantic dialogues which have commenced with the United States, an engagement which he said "is essential in building an economic coalition that supports our economic policies and enhances the international role of the euro". 

He said, "Should you entrust me with the honour of a second term as President of Eurogroup, I will build upon our work together to deliver tangible action and results, which are in the best interests of Europe and our citizens." 

He concluded, "As we tackle the many challenges that lie in front of us, we cannot forget that there is war on our borders; however high the economic cost to us, the price Ukraine's citizens are paying is with their lives.

"Ukraine is a part of our European family and we have a responsibility towards its future reconstruction. This war on European soil also reminds us of the importance of the core values that unite us, the common cause that guides us, and the shared objectives that make us a broader and stronger union." 

The president is elected by a simple majority (at least 10 votes) in line with the EU Treaty’s Protocol 14 on the Eurogroup. 

The vote will take place at the Eurogroup meeting on December 5.