Irish Finance Minister Paschal Donohoe has been appointed for a third term as head of the Eurogroup, which consists of the finance ministers of the eurozone.

The 50-year-old politician was the only candidate after the finance ministers of Spain and Lithuania withdrew shortly before the vote, AFP reported.

Donoghue was “elected by consensus” for another two and a half years, according to a statement from the Council of the European Union.

The Eurogroup president is tasked with ensuring that EU countries using the single currency coordinate their national financial policies, a position whose importance was clearly demonstrated during the global financial crisis in 2008.

There are currently 20 members in the single currency area, but Bulgaria is expected to receive final approval tomorrow, July 8, to become the 21st country, with membership starting next year.

Spanish Economy Minister Carlos Cuervo and Lithuanian Finance Minister Rimantas Sadzius withdrew from the race after it became clear that neither of them had sufficient support.

Donoghue said his task would be “to further strengthen our common currency area and facilitate tangible progress on our key work streams during the next term.”

This includes, according to him, budget coordination, the digital euro, and the Capital Markets Union, the EU's long-standing effort to create a single capital market.

“A stronger and more competitive euro area will strengthen the international role of the euro, further enhance our resilience and prosperity for the benefit of our citizens,” Donahue said. | BGNES