Spain’s Economy Minister Carlos Cuerpo formally entered the contest to chair the Eurogroup, declaring his ambition to “inject fresh momentum” into the influential forum governing the eurozone’s economic policy, according to Euractiv.
The 44-year-old career economist announced his bid via social media platform X, emphasising the need for deeper integration and progress on “growth, competitiveness, and social welfare” as the bloc navigates trade turbulence and institutional reforms.
The election, scheduled for 7–8 July, pits Cuerpo against incumbent Irish Finance Minister Paschal Donohoe, who seeks a third term, and Lithuania’s Rimantas Šadžius. Securing the presidency requires majority support from the eurozone’s 20 finance ministers for a pivotal 2.5-year mandate overseeing fiscal coordination, crisis response, and governance reforms.
Cuerpo’s technocratic profile – PhD economist, former European Commission official, and negotiator of the EU’s new fiscal rules during Spain’s presidency – positions him as a continuity candidate aligned with outgoing Eurogroup consensus.
While Donohoe champions his record of “convenience, coordination and confidence,” citing record 83% public support for the euro, Cuerpo advocates revitalising the Eurogroup’s role in three contentious areas: fiscal flexibility, capital markets union, and trade solidarity.
Donohoe’s re-election bid received symbolic backing on 19 June when the Eurogroup endorsed Bulgaria’s euro accession.
The vote coincides with critical deadlines: EU-China cognac tariff talks conclude on 5 July, while the European Commission assesses member states’ budget plans under reactivated fiscal rules. With eurozone inflation projected at 2.1% for 2025 and growth stagnating, the new president will immediately confront trade-offs between investment needs and debt sustainability.
