European economy group: An Irishman is to become the new head of the Euro group

The Irish Finance Minister Paschal Donohoe becomes the new head of the Euro group. The economic and Finance Ministers of the Euro area have selected the 45-year-old Economists in the evening in a video conference in the second ballot by the end of 2022 to be your new Chairman. The Scheid said Euro group chief Mário Centeno on Twitter. Donohoe won against the Spanish Minister of economic Affairs, Nadia Calviño, who had been considered the favorite. Calviño was supported by all of the major EU countries, including German Chancellor Angela Merkel (CDU) and Finance Minister Olaf Scholz (SPD) is open.

Werner Mussler

economic correspondent in Brussels.

For the second round of the Luxembourg Minister of Finance Pierre Gramegna, who had received in the first ballot seems to be the least votes, withdrew his application. This is likely to have contributed to the fact that Donohoe will get the most votes from the smaller Euro area countries and a majority to be able to get. The Irishman is a member of the Christian democratic party family. Merkel had supported, apparently, for higher reasons – nevertheless, the socialist government in Madrid, a member of Calviño. In smaller member States this open German partisanship was met with incomprehension.

The Portuguese socialist Centeno, who had led the from the 19 to the financial or Economic Ministers of the Euro area composite panel since January of 2018. He had resigned in June as the Finance Minister of his country, and had not stood for a further Euro groups-term of office.

The Euro group is an informal body with no legislative powers. She is still very influential, because all the important political decisions for the currency Union and be prepared to be discussed. A Central role the Board played in the Euro crisis, the granting of emergency loans to needy Euro countries.

the first round of the Corona-help loans of 540 billion euros was decided by the Ministers. The decision on the "reconstruction Fund" for the period of time after the Corona pandemic will be taken by the heads of state and government. The Euro group is taking on this decision even greater impact, is unlikely.