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Public Expenditure Minister Michael McGrath and Finance Minister Paschal Donohoe

McGrath 'strongly supports' Donohoe's bid for second term as Eurogroup President

Paschal Donohoe was nominated by the Government for a second term earlier this month.

PUBLIC EXPENDITURE MINISTER Michael McGrath has said that he “strongly supports” the bid by Finance Minister Paschal Donohoe for a second term as President of the Eurogroup.

Donohoe, who was nominated by the Government for a second term earlier this month, would carry out the role as Public Expenditure Minister, while it’s expected that McGrath would attend meetings as Finance Minister.

This is due to the upcoming Cabinet reshuffle, which will take place on 17 December, with Donohoe expected to swap jobs with McGrath.

Speaking to reporters earlier this afternoon, McGrath said that both he and the Government “strongly supports” Donohoe for the role.

“I and the Government strongly support Minister Donohoe’s extension in his term as President,” said McGrath.

He added that Donohoe was “highly regarded” with European Finance Ministers and that he had done a “really good job” in the role over his two and a half year term.

“We are encouraged by some of the early announcements that have been made by a number of Minister Donohoe’s colleagues. He’s highly regarded around the Eurogroup table.

“We are hopeful but certainly not complacent,” McGrath added, saying that the Irish Government would provide whatever information as to how the arrangement would work.

When asked if it would undermine the position of the Irish Finance Minister, McGrath said that the role of the Eurogroup President was a “very separate role”.

“The chair, by the very nature of the role, has to be impartial in how he or she acts.

The role of the chair is to set the agenda in consultation with colleagues, to chair the meetings, communicate the outcomes, try to pull together conclusions.

“The Minister for Finance from Ireland would remain the national member and speak for Ireland on all matters and that point has been established.”

The election for Eurogroup President is set to take place on 5 December, at the next meeting of European Finance Ministers.

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