Donohoe faces last-minute competition for Eurogroup job as Spaniard and Lithuanian get involved
FINANCE MINISTER PASCHAL Donohoe will face some competition in his pursuit of another term as Eurogroup president.
Politicians from both Spain and Lithuania announced today that they're throwing their hats into the ring.
Donohoe, who has served two terms, expressed his interest earlier this year in continuing for another.
Carlos Cuerpo, Spain's finance minister, announced his candidacy on X, promising a 'renewed impetus' for the Eurogroup.
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'.
Socialist Cuerpo is considered Donohoe's main competitor, but Lithuania's Rimantas Šadžius is also in the race.
Advertisement
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 and the next president will be elected on 7 July.
They require a simple majority of the Eurogroup ministers. If none of the candidates receives at least 11 of the 20 votes at the end of the first voting round, each candidate will be informed individually of the number of votes that they received, and they can drop out if they wish.
The ministers keep voting until a simple majority is reached.
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.
Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article.
Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.
Learn More
Support The Journal
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Journal
40 minutes ago
- The Journal
Ban on short-term lets under 90 days being considered by EU commission
A BAN ON short-term lets under 90 days is being considered by the EU in its response to the housing crisis. The proposal may be included in the report by the EU to enforce a minimum letting period on homes, vice chair of the European Parliament's committee on housing and MEP Ciaran Mullooly has said. It is understood that the European Commission, which is seeking to tackle the affordability crisis in Europe, is taking a cautious approach to making any changes to short term let regulations due to the EU's lucrative tourism sector. New regulations with short-term lets will soon come into effect in Europe, which will force platforms such as Airbnb and to register properties in order to establish the number of active listings. The data will be used by the Commission to determine if European intervention is needed, a senior source said, but the EU is concerned that any interventions could have a harsh impact on the tourism industry. Advertisement Similar concerns have been highlighted in Ireland following the announcement of a potential ban on planning permissions for short-term lets in towns with populations of more than 10,000 . Independent Ireland's Mullooly believes a limit on the length of terms allowed for listings will be proposed by the European Parliament's housing committee report later this year. He told The Journal in Brussels that while the committee is 'limited' in what it is able to propose, it is seeking to take some action to address short-term lets, and their impact on the local housing supply. Labour MEP Aodhán Ó Ríordáin, a substitute member of the committee, said there is nothing that should be counted out by politicians when drafting the final report. He added that there is also a need to standardise tenants' rights in Europe. The Commission is of the view that it is the role of the Irish government to regulate the local housing market, while its housing policy will explore methods to boost financing and delivery of housing. It has already conceded that state aid rules for local authorities will be relaxed to increase the construction of social homes. It is understood that it will also seek to guarantee money from lenders so firms building new housing have security in their funding. The EU cannot directly set housing targets and does not have the power to regulate the property market in individual member states. However, it is possible for the commission to provide better access to funds and underwrite loans to improve delivery . Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Independent
2 hours ago
- Irish Independent
New EU law on antiques and art to push more red tape on industry
European dealers and galleries have raised concerns over increasing bureaucracy A new EU regulation which will have implications for auctioneers, art dealers and galleries is coming into force today, despite the EU simplification agenda which aims to reduce red tape. Regulation 2019/880 requires importers of cultural goods that are over 200 years old – and worth more than €18,000 – to provide evidence they were legally acquired in their countries of origin before being brought into the EU.
The Journal
9 hours ago
- The Journal
Ballymena to host first ever Pride Parade weeks after headline grabbing riots
THE ORGANISER OF the first ever Pride Parade in Ballymena has said he never considered cancelling the event, despite wide-scale rioting in the Co Antrim town earlier this month. Ballymena made headlines around the world after three nights of rioting earlier this month in which over 40 PSNI officers were injured. PSNI said the rioting erupted after a vigil to protest the alleged sexual assault in the town was 'hijacked' by 'racist thuggery'. Curtis Lee, the organiser of the first ever Pride Parade in Ballymena which will take place tomorrow, told The Journal: 'The committee's opinion was that, no matter what, we're going ahead with this because to cancel would be to give into fear. 'The theme of our event is 'love over fear' so to give into fear would have went against everything that Pride stands for.' He added that it 'didn't make any sense to us to cancel it because of the actions of a few individuals' and said that 'a lot of the people that caused damage were actually bused in to Ballymena'. During a visit to Ballymena by The Journal in the aftermath of the rioting, a member of a 'local regeneration group' remarked that there were 'definitely elements of the protest on Monday night that weren't local'. Lee told The Journal that while 'there is definitely racism in the town, to tarnish the whole town with the same brush is unfair'. He added that 'Pride will exist here to present an alternative vision of Ballymena'. Advertisement There will, however, be protests tomorrow from four evangelical Christian groups and Lee said this was something they expected would happen. 'Ballymena is the birthplace of Ian Paisley so it was always to be expected that there was going to be counter protests.' One of the four groups protesting is United Christian Witness, and the other three are local church groups. Lee said he is 'disappointed but not surprised' by the planned protests. Meanwhile, in one social media thread on the upcoming parade, someone commented that as a gay person, they 'couldn't wait to leave Ballymena'. 'I never thought I'd see the day there would be a Pride event there,' they added. Lee said that messages like these are 'the entire reason of why we're doing this'. 'Just that one day of visibility in the town can be life saving,' said Lee. 'I've had messages from parents of young people fearful for child's safety and who struggle with their mental health and they're excluded. 'To give a platform to make them feel welcome and to be seen is so important.' Lee added that he has spoke to many older people who said they never could have imagined that a Pride Parade could take place in Ballymena. Related Reads 'Bricks instead of beer': Stark images from NI photographer tell story of the Ballymena riots I went to talk to people in Ballymena, and was told to make myself 'scarce' or there'd be trouble 'Racist thuggery': How a peaceful vigil in Ballymena turned into anti-immigration violence 'As much as Pride has taken off around the world,' said Lee, 'I think there was always the expectation of, 'oh, that'll never happen here'.' But while there have been many messages of support, Lee acknowledged that some of the responses have taken him by 'surprise' and have been 'incredibly toxic'. Lee said he has been informed of an individual who is 'putting leaflets into local shops and businesses, asking them not to support Pride'. 'He's telling them that if they support pride, he will encourage local Christians to boycott their business.' Lee said many local business owners 'have been fearful of publicly supporting what we're doing'. 'We would never judge any business, because there is some uncertainty of what the response will be and things could escalate, especially after the riots,' said Lee. 'I would never expect any business to put themselves at risk. 'As much as I would like every business in the town to have rainbow flags, I can't expect everyone to scream from the rooftops about it. 'I hope we can get to that place down the line, but with this being our first parade, we expected this.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
