Brussels: The Eurogroup on Monday elected by consensus, Paschal Donohoe, Minister for Finance of Ireland, as its President for a third term. His new term, lasting two and a half years, will commence on 13th July 2025. Donohoe has been in office since 13th July 2020.
According to Emirates News Agency, in a statement following his re-election, Donohoe expressed his commitment to being a genuine and honest broker in negotiations, ensuring that all voices and positions are taken into account. He emphasized the importance of strengthening the common currency area and facilitating progress on key work streams during his next mandate, including budgetary coordination, the Capital Markets Union, the digital euro, and the Banking Union.
Donohoe noted that a stronger and more competitive euro area would reinforce the euro's international role and enhance the resilience and prosperity of member states. The Eurogroup, an informal body created in 1997, consists of ministers from euro area member states who discuss matters related to their countries' common responsibilities concerning the euro. Its main task is to ensure close coordination of economic policies among the euro area member states and to promote conditions for stronger economic growth.
