Luxembourg, June 20, 2025 (Lusa) - The Portuguese government will support Irish Finance Minister Paschal Donohoe in his re-election bid for the leadership of the Eurogroup, a position he has held since 2020, against other potential candidates, such as those from Spain and Lithuania.
The information was given to the Lusa news agency by European sources and confirmed in a statement by the European People’s Party - of which the PSD Social Democratic Party is a member - which said that the finance ministers of the European Union (EU) from centre-right governments “have declared their full support for Paschal Donohoe’s candidacy to be elected president of the Eurogroup for a new term of office”.
This position comes at a time when, in addition to Paschal Donohoe, other candidates are being mentioned for the leadership of the Eurogroup, such as the Spanish Minister of the Economy, Trade and Business, Carlos Cuerpo, and the Lithuanian Minister of Finance, Rimantas Šadžius.
In view of Portugal’s support for Ireland, an informal commitment between Portugal and Spain to support each other for senior positions in the EU has been broken.
The Eurogroup is the informal body that brings together eurozone ministers to discuss issues related to the single currency.
A simple majority - 11 votes in favour from 11 countries - is required to elect the President of the Eurogroup, who holds office for a term of two and a half years.
Once elected, the President is responsible for chairing Eurogroup meetings and setting their agenda, drawing up the long-term work programme and representing the Eurogroup in international forums.
Since July 1, 2020, the position has been held by the Irish Minister for Public Expenditure, National Development Plan Implementation and Reform, Paschal Donohoe.
He was re-elected in December 1, 2022.
Paschal Donohoe succeeded the former Portuguese Minister of Finance and current Governor of the Bank of Portugal, Mário Centeno, who was President of the Eurogroup between January 2018–July 2020.
The Eurogroup was created in 1997.
The position comes a day after the Eurogroup decided on the formal criteria for the vote at a meeting in Luxembourg, which, as it is an informal structure, are not formally established.
The meeting of the finance ministers of the European People’s Party also took place in Luxembourg this Friday morning before the Ecofin meeting.
The Portuguese minister responsible, Joaquim Miranda Sarmento, was present.
ANE/AYLS // AYLS
Lusa
