President of Eurogroup Paschal Donohoe Awarded European of the Year by European Movement Ireland

European Movement Ireland has awarded Minister Donohoe their highest honour as European of the Year, in recognition of his role as President of the Eurogroup. He was the first Irish Minister for Finance to be elected to the role in July 2020 and was re-elected as President of the Eurogroup in December 2022 for another two-and-a-half-year term.

In response to President of the Eurogroup, Paschal Donohoe receiving the European of the Year Award, Taoiseach Simon Harris said; “Minister Donohoe has played an instrumental role in the recovery of the Eurozone economy after the COVID-19 pandemic and ensured the stability of the euro area following Russia’s full-scale invasion of Ukraine and rising global inflation.

I commend him for his leadership, talent, and ability to achieve consensus by implementing prudent fiscal policy that has benefitted the euro area. This award today is a great recognition of his contribution and commitment to the role of President of the Eurogroup.”

As President of the Eurogroup, Minister Donohoe has addressed challenges such as the economic impact of the COVID-19 pandemic, Russia’s invasion of Ukraine, deepening capital markets in the European Union and representing the euro area on the international stage, while also ensuring budgetary coordination aimed at preventing the euro area from entering a recession amid the post-pandemic inflationary spike. Today, as the war continues and cost of living pressures remain, growth has slowed to 0.3%, however the Eurozone economy has remained resilient with record high rates of employment and inflation has dropped from 8.5% last year to 2.6% this year.

Receiving European Movement Ireland’s European of the Year Award, President of the Eurogroup Paschal Donohoe said; “Throughout my career I have always valued Ireland’s role at the heart of the European Union, and my role as President of the Eurogroup has further solidified this view. I am humbled and honoured to be European Movement Ireland’s European of the Year.

During my tenure as President of the Eurogroup I have always sought to build consensus across the Eurozone, strengthen and promote the benefits of the euro and address some of the greatest economic challenges we have faced such as the Covid-19 pandemic, the Russian Invasion of Ukraine and the budgetary response to rising global inflation.”

In line with EU leaders increasing focus on EU competitiveness, President of the Eurogroup Minister Donohoe recently reached an agreement on the Future of the Capital Markets Union (CMU), which will create a single market for capital across the EU to benefit consumers, companies and investors. Similarly, the Eurogroup reached an agreement on the Future of the Banking Union, outlining how to strengthen and complete it.

Minister Donohoe has also prioritised the introduction of the Digital Euro currency for the euro area. The digital euro will be designed to make the European payments landscape more competitive and innovative, by giving consumers the option to use central bank money in a digital format, complementing banknotes and coins.

PwC Deputy Managing Partner, Susan Kilty said, "PwC is delighted to support European Movement Ireland in honouring President of the Eurogroup, Paschal Donohoe, with the European of the Year Award. As a small open economy, Ireland's participation in the EU Single Market, adoption of the euro currency and support of EU economic and fiscal policies, have been pivotal for our national economic development, growth and stability.  We congratulate Minister Donohoe on receiving this award in recognition of the significant contribution he has made to Europe and the role he has played in strengthening both the Irish and Eurozone economies."  

At present there are 20 countries in the Eurozone and under Minister Donohoe’s Presidency, Croatia introduced the euro currency in 2023. Bulgaria is currently seeking to advance its case to join the Eurozone next year.

Chair of European Movement Ireland Julie Sinnamon said, “Throughout European history, the ideals of Europeans working and living together, in peace and prosperity has been made possible by remarkable people who gave selflessly to progress these ideals. Today, President of the Eurogroup Paschal Donohoe is awarded EM Ireland’s European of the Year. In accepting this award, he joins a distinguished group of people and organisations who have been recognised for their outstanding contribution to furthering Ireland EU relations.”  

About the Eurogroup: The Eurogroup is an informal body created in 1997 in which the ministers from the euro area member States discuss matters relating to their countries' common responsibilities related to the euro. Its main task is to ensure close coordination of economic policies among the euro area member states. It also aims to promote conditions for stronger economic growth and is responsible for preparing the Euro Summit meetings and for their follow-up. The Eurogroup usually meets once a month, on the eve of the Economic and Financial Affairs Council (Ecofin) meeting. 

Role of the Eurogroup president: The president of the Eurogroup has the following responsibilities: chairs Eurogroup meetings and sets agendas for them, draws up the Eurogroup's long-term work programme, presents the outcomes of Eurogroup discussions to the public and to the ministers of non-euro area EU countries, represents the Eurogroup in international fora (e.g. G7), informs the European Parliament about the priorities of the Eurogroup. The Eurogroup president may also be elected chair of the board of governors of the European Stability Mechanism, if the members of the board so decide.

About European Movement Ireland:  Founded in 1954, European Movement (EM) Ireland is the longest established Irish not-for-profit, independent, membership organisation working on European affairs. EM Ireland works to develop the connection between Ireland and the European Union. We facilitate links between all sectors of Irish society and the EU, through advocacy campaigns, education programmes, training courses, information briefings and networking events. For more information visit www.europeanmovement.ie.