- Title: Ireland's Donohoe takes Eurogroup helm during worst recession
- Date: 9th July 2020
- Summary: DUBLIN, IRELAND (FILE - JANUARY 29, 2020) (REUTERS) DONOHOE, SPEAKING ABOUT SINN FEIN'S MANIFESTO PLEDGES AT NEWS CONFERENCE DONOHOE SPEAKING AT PODIUM/ DONOHOE'S HANDS GESTURING
- Embargoed: 23rd July 2020 18:49
- Keywords: Eurogroup European Commission Ireland's Finance Minister Paschal Donohoe Mario Centeno chair euro zone finance ministers
- Location: BRUSSELS, BELGIUM/ DUBLIN, IRELAND
- City: BRUSSELS, BELGIUM/ DUBLIN, IRELAND
- Country: Various
- Topics: Government/Politics
- Reuters ID: LVA002CM39LJB
- Aspect Ratio: 16:9
- Story Text: The Eurogroup of euro zone finance ministers elected Ireland's Finance Minister Paschal Donohoe as its new chair, it said in a statement on Thursday (July 9).
Dubbed "Prudent Paschal" by some local media, the Dubliner eschewed demands for bigger tax cuts and spending increases to deliver Ireland's first budget surplus in a decade. He is also strongly against a potential EU tax on digital firms.
Donohoe was elected after two rounds of votes in which he defeated Spain's Finance Minister Nadia Calvino and his Luxembourg counterpart Pierre Gramegna.
He will take over from the outgoing president Mario Centeno on July 13 and will serve a two and half year mandate until the end of 2022.
Donohoe will have to steer the euro zone out of its worst ever recession, with the European Commission estimating the bloc's economy to shrink by 8.7% this year before growing by 6.1% in 2021 - should the coronavirus crisis be under control by then.
"As President, I will seek to build bridges amongst all members of the Euro Area, and to engage actively with all member states, to ensure that we have a consensus-based approach to the recovery of our economies and our societies," Donohoe said in a statement after his election.
(Production: Lucy Marks)
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