PASCHAL Donohoe’s winning of the prestige job chairing Eurogroup finance ministers from the states which use the single currency was a victory for smaller EU states over big. The favourite for the post was Spanish finance minister, Nadia Calvino, who had the backing of France and Germany. The Eurogroup began life informally around the time the single EU currency was launched on international money markets in 1999. It also happens as EU single currency membership rules on borrowing and debt are being re-written to face the biggest recession in the bloc’s history. He first got to know EU economic and finance wrangling in 2016 when he became Public Expenditure Minister moving to Finance Minister in 2017.

Source: Irish Independent July 09, 2020 19:30 UTC