The Eurogroup has re-elected Paschal Donohoe as its President for a second term at a meeting in Brussels on Monday.
The only candidate to submit a nomination for the prestigious political position was Mr. Donohoe.
“I am enormously privileged that my colleagues have entrusted me with a second term working on their behalf,” Mr. Donohoe said.
“My first priority is to deliver tangible results from our policy coordination to allow us to overcome the challenges that we are facing, and to pursue the great opportunities that await the euro and the people of Europe.”
The new term for Mr. Donohoe will start on January 13.
In the politically prestigious position of leader of the informal group of finance ministers from euro area member states, he has already served for two and a half years.
“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,” said Mr. Donohoe.
“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.”
As he will be handing over the finance ministry to Michael McGrath of Fianna Fail later this month during the Government’s mid-term cabinet reshuffle, Mr. Donohoe will perform the duties from his position as Minister for Public Expenditure and Reform.
The president is generally the current finance minister.
However, there is precedent for such a setup, as Luxembourg had two representatives in the past when Jean-Claude Juncker presided over the powerful group.
At a press conference this evening, EU Commissioner for Economy Paolo Gentiloni stated that Paschal Donohoe has demonstrated his ability to lead the group, which he added is not always easy, as well as to deal with challenging and difficult circumstances.
Mr. Gentiloni continued by saying that he is confident Mr. Donohoe will maintain that leadership over the next 2.5 years.