DUBLIN, July 9 (Xinhua) -- Irish Minister for Finance Paschal Donohoe has been elected as President of Eurogroup, according to a government statement issued here on Thursday.
Donohoe was elected by his fellow euro area finance ministers at a video conference of the Eurogroup held earlier in the day, said the statement, adding that the other two candidates for the office were Nadia Calvino, Minister for Economic Affairs and Digital Transformation of Spain, and Pierre Gramegna, Minister for Finances of Luxembourg, according to the statement.
Donohoe will officially assume his office as President of Eurogroup on July 13 and he will stay in the post for two and a half years, said the statement, adding that his predecessor is Portugal's Minister of Finance Mario Centeno.
Eurogroup is a body through which finance ministers of the 19 euro area members take decisions on policy issues relating to management of the euro zone economy. The President of Eurogroup has a vital role in shaping the agenda and policy response to major economic issues.
In a statement issued after his election as President of Eurogroup, Donohoe said that "The Eurogroup is the economic engine for the Eurozone and the single currency. My immediate priority, as president, will be 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."
Donohoe, 45, became the Irish finance minister under the former government led by Fine Gael leader Leo Varadkar in June 2017. He was reappointed as the Irish finance minister after a coalition government led by Fianna Fail leader Micheal Martin was formed on June 27, 2020.
