IRELAND'S Finance Minister Paschal Donohoe has been unanimously re-elected as president of the Eurogroup after both of his challengers dropped out of the race just before the vote.
The election by eurozone finance ministers in Brussels, grants Donohoe a third consecutive term leading the body, which is responsible for coordinating economic policy across the 20 countries that use the euro.
"I am grateful to my fellow ministers for the trust that have placed in me to continue leading our important work for a third term," Donohoe said after his reelection.
Spains economy minister Carlos Cuerpo, widely seen as Donohoe's strongest competition, withdrew earlier in the day after acknowledging he lacked the votes to win.
"We tried to build support, including over the weekend, but we couldn't reach the necessary threshold of 11 votes," Cuerpo said in a public statement.
Shortly afterwards, the Lithuanian Finance Minister Rimantas Sadzius also pulled out of the race.
While Cuerpo and Sadzius wanted a more dynamic approach to economic policy, Donohoe was known for building consensus among his peers.
The Eurogroup president plays a key role in shaping eurozone economic strategy.
Although the role is unofficial within EU treaties, it carries considerable influence in EU economic governance.
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