Latest news with #Eurogroup
UPI
12 hours ago
- Business
- UPI
Eurogroup paves way for Bulgaria to adopt euro
June 19 (UPI) -- European finance ministers on Thursday recommended that Bulgaria become the 21st member of the Eurogroup, paving the way for the Eastern European nation to adopt the euro currency. The Eurogroup finance ministers agreed to Bulgaria's accession based on earlier positive assessments by the European Commission, the executive arm of the European Union, and the European Central Bank. "This is a well-deserved achievement for Bulgaria, Paschal Donohoe, president of the Eurogroup, said during a press conference following Thursday's Eurogroup meeting. "It is an acknowledgment of the commitment, the significant convergence process that has been undertaken and the enormous work by the Bulgarian authorities. It's also a really good signal for the strength of our monetary union." The recommendation proposes that Bulgaria introduce the euro as its currency on Jan. 1. The acceptance of the recommendation is the first step toward achieving that goal, with the EU Council now needing to adopt additional legal acts to enable Bulgaria to become a Eurogroup member. The recommendation is now set for adoption by all 27 EU finance ministers on Friday, followed by all EU leaders on June 27. Then, the European Council is expected adopt the three legal acts necessary to enable Bulgaria to introduce the euro by next month.
Irish Times
a day ago
- Business
- Irish Times
Donohoe ‘grateful for strong support' to continue as Eurogroup president
Minister for Finance Paschal Donohoe said he is 'grateful for the strong level of support' he is receiving from other capitals, to stay on as president of the Eurogroup for a third term. Finance ministers from the 20 euro zone countries have until June 27th to put their name forward to challenge Mr Donohoe for the position. So far Mr Donohoe is the only minister to announce his candidacy, however it is understood Spanish economy minister Carlos Cuerpo has been mulling a run. The Eurogroup brings together the finance ministers from the 20 euro zone countries to co-ordinate economic policy. READ MORE Speaking on his way into a Eurogroup meeting in Luxembourg, Mr Donohoe said he had received a lot of backing to continue in the role. 'I very much welcome the strong level of support that I am getting from many colleagues at the moment', he said on Thursday. A vote to elect the president will take place at the next Eurogroup meeting on July 9th, if another minister stands against Mr Donohoe. The president, who chairs the meetings, holds the role for two-and-a half years. Mr Donohoe was first elected to the influential role in 2020, beating candidates from Spain and Luxembourg. He was re-elected unopposed in 2022 for a second term. The Fine Gael minister has been quietly shoring up support for a third term over recent weeks and months, canvassing his finance counterparts on the phone and in person. Mr Cuerpo, a member of Pedro Sánchez's leftwing government in Spain, is seen as the most likely challenger. The Spanish minister has not ruled out a bid for the Eurogroup presidency. Mr Donohoe would seek to draw on the support of other centre-right governments, in a head-to-head contest with Mr Cuerpo. The process for the election was formally laid out to ministers at the meeting in Luxembourg on Thursday. Candidates have a little over a week to put their name forward. For a period Ireland had two ministers attending Eurogroup meetings, when Mr Donohoe was minister for public expenditure during the previous coalition government. Ireland had to secure a workaround to the tradition that the chair of the group is usually a finance minister, given the finance job was rotated between Mr Donohoe and Michael McGrath in the last coalition. An agreement was made that Mr Donohoe would attend the meetings solely in his capacity as Eurogroup president, with then-minister for finance Mr McGrath in the room to represent Ireland. Former Luxembourg prime minister and European Commission president Jean-Claude Juncker was the longest serving Eurogroup chair, holding the role from 2005 to 2013.
Mint
a day ago
- Business
- Mint
Eurogroup Chief Search Kicks Off With Donohoe in Prime Position
(Bloomberg) -- The Eurogroup is about to kick off its search for a new president, with Paschal Donohoe seen on track to win a third term, a feat that would make the Irishman the second-longest-serving chair of the euro zone's finance-chief meetings. Ministers from the 20 countries are set to approve the plan to elect a new head when they meet in Luxembourg on Thursday. They have less than a month to decide, in time for the end of Donohoe's current 2 1/2 year term in mid-July. Originally designed as an informal forum to exchange views, the Eurogroup morphed into one of the region's most closely watched decision-making bodies, notably so as the euro-area debt crisis reached its peak. Finance ministers held many often acrimonious meetings, striking late-night deals on emergency bailouts for five countries, an overhaul of the EU's banking rules, and eleventh-hour loans to keep Greece from defaulting and crashing out of the euro. The Eurogroup has only had four chiefs since the role became permanent two decades ago: Jean-Claude Juncker of Luxembourg from 2005 to 2013, followed by Jeroen Dijsselbloem of the Netherlands in the five years after that, and then Portugal's Mario Centeno until 2020. That's when Donohoe — who is now 50 — first took on the role, beating candidates from Spain and Luxembourg to get the position during the pandemic. His bid for a second term went through unopposed, but this time there's speculation of potential challengers. Lithuania's Rimantas Sadzius has suggested he may throw his hat in the ring and media reports have also mentionede Carlos Cuerpo of Spain. Whoever does win will take on a job facing heightened scrutiny, given a concerted push for reform by the region's top five economies — Germany, France, Italy, Spain and the Netherlands. They argue that while the Eurogroup proved itself when crises hit, it has been a lot less decisive and nimble at other times. One example they cite is the current struggle to achieve so-called capital markets union. That initiative has failed to take off so far, despite being a priority for the bloc that Donohoe has pushed for. The five countries are also seeking more streamlined meetings, in a call for action on an area where Donohoe's input may be particularly pivotal. 'Save for financial turmoil times, the Eurogroup meetings would be more impactful if they were dedicated to a limited number of items, with strong political implications,' they wrote in a so-called non-paper seen by Bloomberg. Another criticism is over potential overlap with matters handled by Ecofin, which is the broader meeting of European Union finance chiefs. The countries want discussions to hone in on issues related to the specific responsibilities shared by its members for the single currency. Regarding topics to focus on, the five countries highlighted capital markets union, innovation, economic resilience and competitiveness. --With assistance from Kamil Kowalcze, Michal Kubala, Alessandra Migliaccio, Milda Seputyte and William Horobin. More stories like this are available on
RTÉ News
a day ago
- Business
- RTÉ News
Donohoe clear front runner to remain Eurogroup president
The process to potentially reinstate Minister for Finance Paschal Donohoe for a third term as President of the Eurogroup will formally begin in Luxembourg this afternoon, as eurozone finance ministers take the first steps in assessing any candidates who come forward. Mr Donohoe is understood to be the clear front runner to serve for another two-and-a-half years, with his team confident that he will have the support of a simple majority of the 20 eurozone finance ministers. The election will take place by secret ballot at a meeting of the Eurogroup on 7 July. Mr Donohoe, whose current term expires on 12 July, has publicly declared his candidacy and while Spanish finance minister Carlos Cuerpo and Lithuanian finance minister Rimantas Šadžius are both thought to be considering entering the ring, neither have formally declared. Ministers have until 27 July to nominate themselves as challengers. Mr Donohoe is understood to be seeking a third term in order to press ahead with the EU's banking union, as well as the Capital Markets Union (CMU). Former European Commission president Jean-Claude Juncker holds the record for stewardship of the Eurogroup, acting as president from 2005 to 2013. His successor, Jeroen Dijsselbloem, was president of the Eurogroup for two years - 2013-2018.
Irish Independent
09-06-2025
- Business
- Irish Independent
The Irish Independent's View: Duty calls for Paschal Donohoe whose Eurogroup role is worth its weight in gold to us
The Finance Minister was speaking at the Centre for Financial Studies of the Goethe University in Frankfurt, on the topic of 'Shaping tomorrow and navigating uncertainty: the future of the euro area'. Given Donohoe is the current president of the Eurogroup, his views are keenly observed by the finance ministers of the 20 countries that use the euro. In his address, Donohoe posed the question of why it is, at a time of rising populism, polarisation and fragmentation, that people increasingly trust the euro. He put it down to 'convenience, co-ordination, and confidence'. 'The euro is a powerful symbol of our shared sovereignty. A powerful symbol that you can feel in your wallet, see in your purse. People have confidence in the euro because they know we will defend and support it. They know we will progress and develop it,' he said. The minister also set out his views on the need for the euro to continue to evolve, move forward and be ambitious. Despite having difficulty pronouncing the minister's first name, the chair of the Frankfurt event, former German central banker Professor Axel Weber, described Donohoe as the 'prime European finance diplomat.' 'You are not just a co-ordinator of your colleagues in finance and budget. You are the prime European finance diplomat. You really showed that you have a diplomatic skill in talking about the eurozone. 'We all appreciate that and I think it is the right focus. Europe needs to grow out of its own strengths, rather than the weakness of others. And I think that is a very well received but also worthy message to deliver.' It's no coincidence Donohoe is upping his profile on the European stage at this time. His second term as Eurogroup president ends next month and the vote on who will take up the role for the next two-and-a-half years is due at the end of the month. He seems intent on a third term and nobody seems to be in any position to take him on as he is so well-regarded. Indeed, he is also among the favourites to become the European Central Bank president when Christine Lagarde's term ends in two years' time. Donohoe's relationships with EU leaders are not just about personal career advancement. His eurozone networking is worth its weight in gold to Ireland as it places us at the heart of EU economic policy-making, perhaps not making the decisions, but at the very least having an influence on powerbrokers' deliberations. Donohoe's 'duty' to take up a third term will benefit Ireland's standing amongst our EU partners.
