PASCHAL DONOHOE IS to remain as President of the Eurogroup for a third term after the two politicians contesting the role pulled out of the race at the last moment. 

Politicians from both Spain and Lithuania announced that they were throwing their hats into the ring last month, while Donohoe had expressed his interest in continuing his tenure as chair of the group earlier this year.

Spain’s finance minister Carlos Cuerpo promised a “renewed impetus” for the Eurogroup when announcing his candidacy. Cuerpo was considered Donohoe’s main competitor, although Lithuania’s Rimantas Šadžius, who had also put himself forward.

He said it must play a key role in the European political agenda and “achieve tangible results in terms of growth, competitiveness, welfare state, and integration”.

Any minister with responsibility for finance from a euro area member state may be elected President of the Eurogroup. The candidate must be a sitting member of the Eurogroup at the time of the election.

The president’s term is two and a half years.

The Eurogroup is an informal body created in 1997 in which the ministers from the euro area member states discuss matters relating to their countries’ common responsibilities related to the euro.

They coordinate economic policies and try to promote economic growth.

They usually meet once a month, before the Economic and Financial Affairs Council meeting.

Congratulations on your reelection, dear @Paschald.

Our continued cooperation is key in delivering on our competitiveness agenda - for the Euro area and for all of our Union. pic.twitter.com/HpLZX4qms7

— Ursula von der Leyen (@vonderleyen) July 7, 2025

Tánaiste Simon Harris congratulated Donohoe on  “a significant personal achievement” that reflects “the confidence and trust of his European colleagues”. 

Harris, who is also the leader of Donohoe’s party, said the appointment was “a source of great pride for the Fine Gael party and for Ireland”.

“I’m so proud that one of our own will continue to play such a central role in shaping the economic direction of the Eurozone,” Harris said.

European Commission President Ursula von der Leyen, who today gave a speech to MEPs in Strasbourg dismissing a no-confidence motion against her, also congratulated Donohoe.

“Our continued cooperation is key in delivering on our competitiveness agenda – for the Euro area and for all of our Union,” she said in a post on X. 

With reporting from David Mac Redmond