Eurogroup presidency: three ministers put forward their candidacies

Nadia Calvino, Paschal Donohoe and Pierre Gramegna (L-R).

Three ministers have put forward their candidacy to become president of the Eurogroup, European Council's press service reported. The candidates are: Nadia Calvino - Deputy PM and Minister of Economic Affairs and Digital Transformation of Spain, Paschal Donohoe - Minister for Finance and Public Expenditure & Reform of Ireland and Pierre Gramegna - Minister for Finance of Luxembourg.

The election of the new president will take place at the next Eurogroup, on 9 July. The President is elected by a simple majority (at least 10 votes) of the Eurogroup ministers, in line with the Treaty's Protocol 14 on the Eurogroup.

If none of the candidates receives at least 10 of the 19 votes by the Eurogroup ministers at the end of the first voting round, each candidate will be informed individually of the number of votes that he/she has received. Candidates will then have the opportunity to withdraw their application. Voting will take place until a simple majority is reached on one of the candidates.

The new president will succeed Mario Centeno upon the expiry of his mandate, on 13 July, for a period of 2,5 years.

The Eurogroup is an informal body where ministers of euro area member states discuss matters of common concern in relation to sharing the euro as the single currency. It usually meets once a month, on the eve of the Economic and Financial Affairs Council meeting.

The first Eurogroup meeting took place on 4 June 1998 in Luxembourg. The first president of the Eurogroup was Jean-Claude Juncker. He was succeeded by Jeroen Dijsselbloem and then by Mario Centeno in 2018.

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