FINANCE MINISTER PASCHAL Donohoe has been reelected to lead the Eurogroup.

The Dublin Fine Gael TD was “reelected by consensus” for another two-and-a-half years, the Council of the European Union said in a statement.

Donohoe, 48, has been chairing the group since July 2020 and was the sole candidate for a new term.

The grouping is an informal body where ministers of the 19 countries using the euro discuss common concerns around sharing a single currency.

The vote took place at today’s Eurogroup meeting. As the only candidate and the incumbent Eurogroup President, Minister Donohoe was elected unanimously. 

Speaking after his re-election, Donohoe said he felt “enormously privileged” that he has been entrusted with a second term in the role.

“My first priority, is to deliver tangible results from our policy coordination to allow us to overcome the challenges that we are facing, and to pursue the great opportunities that await the euro and the people of Europe.”

The new term will start on 13 January 2023.

According to a statement from the Irish government Donohoe will carry out his duties as President of the Eurogroup and as Minister for Public Expenditure and Reform, after the change in Government in mid-December 2022.

The incoming Minister for Finance – Fianna Fáil TD Michael McGrath – will represent Ireland at Eurogroup meetings. 

With reporting by AFP