Paschal Donohoe is keeping his big job in Europe because his competitors pulled out last minute
Politicians from both Spain and Lithuania
announced that they were throwing their hats into the ring last month
, while Donohoe had expressed his interest in continuing his tenure as chair of the group earlier this year.
Spain's finance minister Carlos Cuerpo promised a 'renewed impetus' for the Eurogroup when announcing his candidacy. Cuerpo was considered Donohoe's main competitor, although Lithuania's Rimantas Šadžius, who had also put himself forward.
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'.
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.
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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.
Tánaiste Simon Harris congratulated Donohoe on 'a significant personal achievement' that reflects 'the confidence and trust of his European colleagues'.
Harris, who is also the leader of Donohoe's party, said the appointment was 'a source of great pride for the Fine Gael party and for Ireland'.
'I'm so proud that one of our own will continue to play such a central role in shaping the economic direction of the Eurozone,' Harris said.
With reporting from David Mac Redmond
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