Minister for Finance Paschal Donohoe is closing in on securing a second term as head of the Eurogroup of euro zone finance ministers as the only candidate to declare so far and with strong support among member states.
Mr Donohoe formally submitted his candidacy for a second term in the role he took on two years ago, with a letter promising to “broaden the transatlantic dialogue” the bloc has begun with the US, among other pledges.
If re-elected by his European counterparts, Mr Donohoe, who is expected to move to the portfolio of minister for public expenditure and reform in the upcoming Cabinet reshuffle, will retain his coveted position at the helm of the largely informal but powerful group of 19 finance ministers while also serving in his new Government role.
No other candidates have submitted letters declaring they will run so far, The Irish Times understands. The deadline to do so is noon Brussels time on Thursday. Mr Donohoe has received the public backing of Belgium and the Netherlands, but is also understood to be quietly backed by Germany and France.
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A spokesperson for Mr Donohoe said nothing could be certain, however, until the deadline passes.
[ The Irish Times view on the Eurogroup presidencyOpens in new window ]
In his letter of candidacy Mr Donohoe promised to further strengthen the European banking union, work towards the implementation of the digital euro and to “broaden the transatlantic dialogues we have commenced with the United States”, which he said is “essential in building an economic coalition that supports our economic policies”.
Under a relatively unusual proposal by the Government, Ireland’s next Minister for Finance, expected to be Fianna Fáil’s Michael McGrath after the reshuffle in December, would also attend the Eurogroup meetings in the role of Ireland’s representative under the plan.
However, there is some precedent for such an arrangement. For a period, Luxembourg had a separate finance minister who attended while Jean-Claude Juncker was Eurogroup president as well as being his country’s prime minister.
While there is some confidence in Government circles that Mr Donohoe will be successful in his re-election bid, Spanish minister for finance Nadia Calviño, who Mr Donohoe defeated in an election for the post in 2020, is considered a potential rival and could attract support if the Government’s proposal faces any opposition.
The vote will take place on December 5th with the result decided by a simple majority of 10 votes.
