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Irish Finance Minister Paschal Donohoe to run for Eurogroup presidency

Finance Minister Paschal Donohoe said it would be a “tremendous honour” to lead the Eurogroup through the challenges ahead.

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Paschal Donohoe has been Finance Minister since 2017 (Leon Farrell/Photocall Ireland/PA)

Paschal Donohoe has been Finance Minister since 2017 (Leon Farrell/Photocall Ireland/PA)

Paschal Donohoe has been Finance Minister since 2017 (Leon Farrell/Photocall Ireland/PA)

Ireland’s Finance Minister Paschal Donohoe has put his name forward to become next president of the Eurogroup.

Mr Donohoe became Finance Minister in June 2017 and his name has been circulating as one of the forerunners for the role.

It comes as a new Government is set to be formed this weekend if the memberships of Fianna Fail, Fine Gael and the Green Party vote to approve the draft programme for the Government deal on Friday.

This would see Mr Donohoe retain his job as Finance Minister in the next Government.

Mr Donohoe tweeted: “Just submitted my nomination paper for President of the #Eurogroup . As one of the longest serving EU Finance Mins and members of the Eurogroup, it would be a tremendous honour to lead the group through the challenges and opportunities that present in yrs ahead.”

The Eurogroup is the body through which finance ministers of the 19 euro area member states take decisions on policy issues relating to management of the economy.

Announcing his submission, Mr Donohoe said a strong European economy, with the euro at its heart, “is essential for recovery, growth and job-creation in Ireland and across the EU.”

“Ireland has long been a bridge builder,” he added. “If elected, I will work to chart a common way forward on building the European recovery, strengthening the eurozone economy, and promoting sustainable and inclusive growth for member states and their citizens.”

The vote will take place at a meeting of the Eurogroup on July 9, during which a new president will be elected by a simple majority for a two-and-a-half year term.

PA