The process to potentially reinstate Minister for Finance Paschal Donohoe for a third term as President of the Eurogroup will formally begin in Luxembourg this afternoon, as eurozone finance ministers take the first steps in assessing any candidates who come forward.
Mr Donohoe is understood to be the clear front runner to serve for another two-and-a-half years, with his team confident that he will have the support of a simple majority of the 20 eurozone finance ministers.
The election will take place by secret ballot at a meeting of the Eurogroup on 7 July.
Mr Donohoe, whose current term expires on 12 July, has publicly declared his candidacy and while Spanish finance minister Carlos Cuerpo and Lithuanian finance minister Rimantas Šadžius are both thought to be considering entering the ring, neither have formally declared.
Ministers have until 27 July to nominate themselves as challengers.
Mr Donohoe is understood to be seeking a third term in order to press ahead with the EU’s banking union, as well as the Capital Markets Union (CMU).
Former European Commission president Jean-Claude Juncker holds the record for stewardship of the Eurogroup, acting as president from 2005 to 2013.
His successor, Jeroen Dijsselbloem, was president of the Eurogroup for two years – 2013-2018.
