Paschal Donohoe Has Been Elected President of the Eurogroup

The 19 finance ministers of the euro zone have elected Paschal Donohoe to be the president of their influential Eurogroup, giving Ireland a significant platform as the European Union debates how to handle the economic fallout of the Coronavirus pandemic, the Irish Times reported. The successful bid means that Donohoe will have the role of chairing and setting the agenda for discussions among the euro zone finance ministers, as well as setting the long-term agenda for the influential group. Donohoe argued that he would bring a unique perspective to the role as Ireland straddles the north-south divides on economic policy in the EU, as a country that underwent a bailout, and allies with northern countries on some issues and Mediterranean countries on others. His bid beat out the Spanish candidate Nadia Calvino, who had been favoured by France, Germany and some Mediterranean countries as an economist with experience working within the EU institutions who would make the argument for a generous response to the Coronavirus pandemic. While an informal grouping, the Eurogroup can be highly influential in setting EU policy and played a key role during the euro zone crisis of the last decade. Donohoe takes over from the outgoing president, Portuguese finance minister Mario Centeno. Read more.