Irish Finance Minister Paschal Donohoe becomes the new head of the Euro group

Donohoe won against two competitors: the Spanish Nadia Calviño, and the Luxembourg, Pierre Gramegna. Centeno gives the office after two and a half years. Dono

Irish Finance Minister Paschal Donohoe becomes the new head of the Euro group

Donohoe won against two competitors: the Spanish Nadia Calviño, and the Luxembourg, Pierre Gramegna. Centeno gives the office after two and a half years.

Donohoe said on Twitter: "I am deeply honored by the election of the new Chairman of the Euro group." He is looking forward to working with my colleagues, to a fair and inclusive economic recovery ensure. The challenge, he determined, said the 45-Year-old.

The Eurogroup is an informal body of economic and Finance Ministers from the 19 countries in the currency zone. Advise you normally, once a month and coordinate in matters of economic and financial policies. The chair is considered to be an influential coordinator and leader.

"I expect that this political response changed the fate"

The 45-year-old Donohoe belongs to the bourgeois Fine Gael party, and since June of 2017, Minister of Finance of his country. He had the support of the Christian democratic party family, the European people's party. The married father of two children, has a degree in politics and Economics.

The change comes in the midst of the deepest recession in the history of the European Union, and in 2002 as a means of payment introduced community currency. Accordingly, the economy is set to contract in the Eurozone this year due to the Corona-crisis to 8.7 per cent and next year is only partially recover.

The outgoing Chairman Centeno expressed the hope that the envisaged economic aid can avert the worst of it: "I expect that this political response changed the fate and helps us cushion the blow and to protect the internal market."

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Updated Date: 11 July 2020, 17:26

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