Latest news with #CarlosCuerpo
CNBC
08-07-2025
- Business
- CNBC
Spain's Cuerpo 'optimistic' about EU-U.S. trade negotiations
Spain's minister of economy, trade and business, Carlos Cuerpo, discusses his withdrawal from the Eurogroup presidential race, EU-U.S. trade talks, and Spain's political and economic landscape.
BreakingNews.ie
07-07-2025
- Business
- BreakingNews.ie
Paschal Donohoe to serve third term as Eurogroup president
Finance Minister Paschal Donohoe is set to serve a third term as president of the Eurogroup of euro zone finance and economy ministers, after his two rivals for the post withdrew their candidacies on Monday. Donohoe, who has already served two terms of two-and-a-half years, has said that the euro area needed to press on with investment in security, deepen its capital markets, and boost its currency with the global economy "at a pivotal juncture". Advertisement He has also said that global uncertainty represents an enormous opportunity for the euro area and its currency. "On the cusp of global rebalancing, the euro area has proven resilient," Donohoe wrote in his candidacy letter. "We now have the opportunity to overcome our differences, find compromises and make progress to ensure a stronger global role for our common currency and continued resilience of the euro area for the coming decade and beyond." Spanish Economy Minister Carlos Cuerpo and Lithuanian Finance Minister Rimantas Sadzius withdrew their candidacies after concluding they would not have enough votes, leaving the path clear for Donohoe. Advertisement Cuerpo said he had stepped aside in favour of a consensual candidate to avoid any sense of fragmentation. Sadzius, who campaigned for more efficient meetings, said he believed the working methods of the Eurogroup would change even with the same president. France, Germany, Italy, the Netherlands, and Spain wrote in June that they wanted greater efficiency and focus on issues that have the greatest impact on euro zone members. Speaking on the re-election of Donohoe as Eurogroup president, Tánaiste Simon Harris said: 'I want to warmly welcome the re-election of Paschal as President of the Eurogroup and congratulate him on a significant personal achievement. Advertisement 'The renewal of his mandate for a third term reflects the confidence and trust of his European colleagues and is a source of great pride for the Fine Gael party and for Ireland. 'Paschal has brought clarity, integrity, and a deep commitment to European cooperation during his two terms to date, guiding the Eurogroup through a period marked by economic uncertainty and global challenges. 'His pragmatic and consensus-driven approach has strengthened the Eurogroup's role in promoting stability, sustainable growth, and sound economic governance across the euro area. '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. I want to wish him every success as he continues this important work.'
Irish Times
07-07-2025
- Business
- Irish Times
Paschal Donohoe to remain as Eurogroup chair for third term
Minister for Finance Paschal Donohoe will be re-elected as president of the Eurogroup , after those challenging him for the role pulled out of the race on the day of the vote. Spanish economy minister Carlos Cuerpo and Lithuanian finance minister Rimantas Šadžius had both put their names forward to challenge Mr Donohoe for the influential European Union (EU) role. The 20 finance ministers of euro zone countries are due to vote to elect a chair at a Eurogroup meeting on Monday afternoon. Shortly before the meeting was due to start both Mr Cuerpo and Mr Šadžius confirmed they were withdrawing their names from consideration. READ MORE Mr Cuerpo, who was seen as the main challenger to Mr Donohoe, found his candidacy did not have enough support to be successful. Mr Šadžius said he was pulling out to maintain a 'consensus' in the room. The Eurogroup usually meets once a month and brings together the finance ministers from the 20 euro zone countries to co-ordinate economic policy, with the president tasked with chairing the meetings. [ Paschal Donohoe well placed in Eurogroup job race despite Spanish challenge Opens in new window ] Mr Donohoe will be formally elected for a third term as chair when finance ministers meet on Monday afternoon. Heading into the contest the Fine Gael minister had more than a dozen of the 20 available votes locked up. Eleven votes are needed to be elected. It is understood both Germany and France had thrown their weight behind Mr Donohoe's re-election bid. Many ministers whose parties sit in the same European grouping as Fine Gael, the centre-right European People's Party (EPP), also support Mr Donohoe remaining in the job. How the wealthy are buying up land to avoid inheritance tax Listen | 22:03 Mr Donohoe was first elected to the influential role in 2020, beating candidates from Spain and Luxembourg. He was re-elected unopposed in 2022 for a second term. The president, who chairs the meetings of finance ministers, holds the role for two-and-a half years. The longest serving Eurogroup chair was former Luxembourg prime minister and European Commission president Jean-Claude Juncker, who was in the position from 2005 to 2013. The Eurogroup president also attends high-level international meetings, such as the Group of Seven (G7), where the leaders of France, Germany, the United States, Italy, Canada, the UK and Japan meet. The meetings are also attended by the head of the European Commission.
Bloomberg
07-07-2025
- Business
- Bloomberg
Donohoe to Retain Eurogroup Role to Push Currency's Ascendancy
Ireland's Paschal Donohoe is set to be reelected as president of the euro area's group of finance ministers, retaining a leading role in the region's efforts to enhance the profile of its common currency. Rival candidates Carlos Cuerpo of Spain and Lithuania's Rimantas Sadzius pulled out of the race, leaving Donohoe as the only candidate ahead of a vote later Monday.
Scoop
03-07-2025
- Business
- Scoop
Fourth International Conference On Financing For Development Delivers Renewed Hope & Action For Sustainable Development
The Sevilla Commitment and Platform for Action advance concrete strategic steps to fulfill the promise of the Sustainable Development Goals and chart a path for a fairer shared future, reaffirming the role of global cooperation Sevilla, Spain, 3 July 2025 - The Fourth International Conference on Financing for Development concluded today in Sevilla, Spain, with 130 initiatives turning the Sevilla Commitment or Compromiso de Sevilla into action through concrete steps to boost investment in sustainable development, address the debt crisis afflicting many of the world's poorest countries, and give developing countries a stronger voice in the international financing architecture. 'The human consequences of rising debt burdens, escalating trade tensions and steep cuts to official development assistance have been brought into sharp relief this week,' the United Nations Deputy Secretary-General Amina Mohammed said in closing remarks. 'Yet, against this sobering backdrop, the Sevilla conference delivered a strong response—a unifying outcome document focused on solutions that reaffirms the Addis Ababa commitments made a decade ago, renews hope through the SDGs, and shows that multilateral cooperation still matters and still works. 'Let FFD4 be remembered as a conference where the world chose cooperation over fragmentation, unity over division and action over inertia.' 'Sevilla will be remembered not as a landing zone, but as a launchpad for action, to improve livelihoods across the world. Together, we have sent a strong message of commitment and trust in multilateralism that can yield tangible results to put sustainable development back on track,' said Carlos Cuerpo, Spain's Economy Minister, at the closing press conference. 'This Conference has proven that the United Nations is more than just a space for dialogue; it is a powerful platform for solutions that transform lives,' said Li Junhua, United Nations Under-Secretary-General for Economic and Social Affairs and Secretary-General of the Conference. 'In Sevilla, we have demonstrated our collective will to confront the most urgent and complex financing challenges of our time. The Compromiso de Sevilla stands as a testament to our sense of resolve, outlining the commitments, solutions, and actions to put us back on track to achieve the Sustainable Development Goals.' The Sevilla Commitment, adopted by consensus at the start of the Conference, lays out a path to close the $4 trillion annual SDG financing gap in developing countries. It is the first inter-governmentally agreed financing for development framework since 2015, and a rallying call to overhaul a system that is failing billions of people and pushing global goals further out of reach. At a time of rising debt, declining investment, shrinking aid and escalating trade tensions, sustainable development faces unprecedented headwinds. The consequences are stark: 3 billion people live in countries that spend more on interest payments than on health or education. With five years left to achieve the SDGs in increasingly uncertain times, the Sevilla Commitment charts a path on three fronts: Catalyzing investment at scale for sustainable development Addressing the debt and development crisis Reforming the international financial architecture Sevilla Platform for Action Under the Sevilla Platform for Action, 130 initiatives were launched over the course of four days of the Conference to begin implementing the Sevilla Commitment. Initiatives focused on boosting public and private investment for sustainable development, including actions to strengthen tax systems and domestic resource mobilization. New financing mechanisms were announced to tackle unsustainable debt burdens, and additional initiatives aimed to enhance crisis response and climate resilience, expand access to social protection and support local and digital economies, among others. Initiative highlights include: To address debt challenges: A Debt Swaps for Development Hub, led by Spain and the World Bank, to strengthen capacity and enhance collaboration to scale up debt swaps and lower debt service burdens; A Debt-for-Development Swap Programme by Italy that will convert 230 million Euros of debt obligations of African countries into investments in development projects; A Debt 'Pause Clause' Alliance where a coalition of countries and Multilateral Development Banks (Canada, France, Spain, UK, the Inter-American Development Bank, European Investment Bank, African Development Bank Group, Asian Development Bank and Development Bank of Latin America and the Caribbean) commit to including 'pause clauses' in their lending, to suspend debt service payments during crises; A Sevilla Forum on Debt to help countries learn from one another and coordinate their approaches in debt management and restructuring, with a UN entity serving as its secretariat, with support from Spain. To catalyze investment with development impact: To raise new revenue, a Coalition for Global Solidarity Levies, led by France, Kenya and Barbados, supported by Benin, Somalia, Zambia and Spain, to tax premium-class flying and private jets in a bid to raise funds for climate action and sustainable development; A blended finance platform, SCALED, to scale up blended financing, led by a coalition of countries (Germany, Canada, France, UK, Denmark, and South Africa) and financial institutions (including Allianz, AXA SA, Caisse de dépôt et placement du Québec, and Zurich Insurance Group) to support efforts to create effective and replicable, scalable blended finance instruments and funds with development impact; To increase local currency lending, FX EDGE, a new Multilateral Development Bank toolbox for FX-risk management instruments, led by the Inter-American Development Bank, and Delta, a liquidity platform by the European Bank for Reconstruction and Development to help development finance institutions provide local currency lending; An Effective Taxation of High-Net-Worth Individuals initiative, led by Brazil and Spain, to ensure high-net-worth individuals pay their fair share. A Technical Assistance Hub by public development banks, led by the Finance in Common Secretariat and the International Development Finance Club, and a pooled Multilateral Development Bank Technical Assistance Platform for project preparation, led by the Asian Infrastructure Investment Bank. To support architecture reform at national and global levels: A new generation of country-owned platforms with country-led financing strategies, led by a coalition of countries (including South Africa and Egypt), the Integrated National Financing Framework Facility and development banks, in support of national plans and strategies. A coalition led by the UK and the Bridgetown Initiative to scale-up pre-arranged financing from 2 per cent to 20 per cent of total disaster financing by 2035. International Business Forum At the International Business Forum, taking place in parallel to the Conference, global business leaders issued a strong call to action to unlock private capital for sustainable development, outlining five priority areas for impact investment in a Communiqué launched alongside the Sevilla Commitment. For the first time, major business groups and investor alliances coordinated efforts through the FFD4 Business Steering Committee, underscoring private sector commitment. The Forum showcased practical ways to shift capital toward the SDGs, particularly in developing countries, through high level policy dialogues, sessions on innovations, best practices, and focused roundtables. In addition, over $5 billion in projects were pitched by developing countries to investors and development financiers at the SDG Investment Fair. About the Conference Building on the foundations laid by the Monterrey Consensus (2002), Doha Declaration (2008), and Addis Ababa Action Agenda (2015), as well as the Pact for the Future adopted at the UN last September, the Fourth International Conference on Financing for Development (FFD4), took place in Sevilla, Spain, from 30 June to 3 July 2025. The Conference brought together over 15,000 participants, including nearly 50 Heads of State and Government, and featured more than 470 side and special events, alongside flagship sessions such as the International Business Forum, SDG Investment Fair, and a series of announcements under the Sevilla Platform for Action.
