Eurogroup

The current President of the Eurogroup is Paschal Donohoe, the former Minister for Finance of Ireland.

In September 2004, the Eurogroup decided it should have a semi-permanent president who would be appointed for a term of two years. Finance Minister and then Prime Minister of Luxembourg Jean-Claude Juncker was appointed to be the first President of the Eurogroup, mandated from 1 January 2005 until 31 December 2006, and was re-appointed for a second term in September 2006.[7] Under the Lisbon Treaty, this system was formalised and Juncker was confirmed for another term.[8] The presidency has helped strengthen the group, since before Juncker's appointment the Eurogroup was only present at meetings in the European Parliament. Since the position of President of the Eurogroup was created, the president has attended the European Parliament Committee on Economic and Monetary Affairs every six months.[6]

After his reappointment as President of the Eurogroup in January 2010, Juncker emphasised the need to broaden the scope of the Eurogroup's business. In particular in terms of co-ordinating economic policies and representation. Juncker proposed creating a small secretariat consisting of four to five civil servants to prepare the group's meetings. However, although France and Spain support such plans, Germany fears that strengthening the group might undermine the independence of the European Central Bank.[9] In June 2012, the Estonian Minister of Finance Jürgen Ligi was being considered as a possible successor for Juncker.[10] In January 2013, Juncker however hinted that his likely successor would be Jeroen Dijsselbloem of the Netherlands,[11] who was appointed second President of the Eurogroup on 21 January 2013.[12] On 13 July 2015, Dijsselbloem was reelected.[13]

On 9 July 2020, Paschal Donohoe of Ireland was elected to be the fourth President of the Eurogroup taking office on 13 July 2020.[1] On 5 December 2022, Donohoe was re-elected, with his second term beginning on 13 January 2023.[14]

• 
  Jean-Claude Juncker
  (2005–2013)
   Luxembourg
• 
  Jeroen Dijsselbloem
  (2013–2018)
   Netherlands
• 
  Mário Centeno
  (2018–2020)
   Portugal
• 
  Paschal Donohoe
  (2020–present)
   Ireland

The ECB President, Economic and Monetary Affairs Commissioner and Chairman of the Eurogroup Working Group also attend the meetings. Members of the EU who choose not to participate in the Eurozone have been excluded from observer status. The membership is however fluid; IMF personnel are sometimes allowed to be present at meetings.[15] What remains unknown about this group is whether they allow observers to speak or speech by the observers is forbidden.

Member			Representing	Political party	Member since
		Paschal Donohoe	President	European People's Party National: Fine Gael	14 June 2017
		Magnus Brunner	Austria	European People's Party National: Austrian People's Party	6 December 2021
		Vincent Van Peteghem	Belgium	European People's Party National: Christian Democratic and Flemish	1 October 2020
		Marko Primorac	Croatia	Independent	1 January 2023
		Makis Keravnos	Cyprus	Independent National: Democratic Party	28 February 2023
		Mart Võrklaev	Estonia	Alliance of Liberals and Democrats for Europe National: Estonian Reform Party	17 April 2023
		Riikka Purra	Finland	Independent National: Finns Party	20 June 2023
		Bruno Le Maire	France	Independent National: Renaissance	17 May 2017
		Christian Lindner	Germany	Alliance of Liberals and Democrats for Europe National: Free Democratic Party	8 December 2021
		Kostis Hatzidakis	Greece	European People's Party National: New Democracy	27 June 2023
		Michael McGrath	Ireland	Alliance of Liberals and Democrats for Europe Party National: Fianna Fáil	17 December 2022
		Giancarlo Giorgetti	Italy	Identity and Democracy Party National: League for Salvini Premier	22 October 2022
		Arvils Ašeradens	Latvia	European People's Party National: Unity	14 December 2022
		Gintarė Skaistė	Lithuania	European People's Party National: Homeland Union – Lithuanian Christian Democrats	11 December 2020
		Yuriko Backes	Luxembourg	Alliance of Liberals and Democrats for Europe Party National: Democratic Party	5 January 2022
		Clyde Caruana	Malta	Party of European Socialists National: Labour Party	22 November 2020
		Sigrid Kaag	Netherlands	Alliance of Liberals and Democrats for Europe Party National: Democrats 66	10 January 2022
		Fernando Medina	Portugal	Party of European Socialists National: Socialist Party	30 March 2022
		Ladislav Kamenický	Slovakia	Party of European Socialists National: Direction – Social Democracy	25 October 2023
		Klemen Boštjančič	Slovenia	Independent National: Freedom Movement	1 June 2022
		Nadia Calviño	Spain	Independent	7 July 2018

Observers

• President of the European Central Bank: Christine Lagarde (1 November 2019)
• Executive Vice-President for An Economy that Works for People: Valdis Dombrovskis (1 December 2019)
• President of the Eurogroup Working Group: Tuomas Saarenheimo (1 April 2020)

In 2008, in light of the 2008 financial crisis, French President Nicolas Sarkozy (speaking at the European Parliament as the outgoing President of the European Council) called the Eurogroup to be replaced by a "clearly identified economic government" for the eurozone, stating it was not possible for the eurozone to go on without it. The eurozone economic government would discuss issues with the European Central Bank, which would remain independent.[27]

This government would come in the form of a regular meeting of the eurozone heads of state and government (similar to the European Council) rather than simply the finance ministers which happens with the current Eurogroup. Sarkozy stated that "only heads of state and government have the necessary democratic legitimacy" for the role. This idea was based on the meeting of eurozone leaders in 2008 who met to agree a co-ordinated eurozone response to the banking crisis.[5]

This is in contrast to an early proposal from former Belgian Prime Minister Guy Verhofstadt who saw the European Commission taking a leading role in a new economic government, something that would be opposed by the less integrationist states.[3] Sarkozy's proposal was opposed by Eurogroup chair Jean-Claude Juncker who did not think Europe was ripe for such a large step at the time[3] and opposition from Germany killed off the proposal.[5][28] Merkel approved of the idea of an economic government, but for the whole of the EU, not just the eurozone as doing so could split the EU and relegate non-eurozone states to second class members.[28] In his 2011 State of the Union address, Commission President José Manuel Barroso opposed the Franco-German intergovernmental plan, stating that community institutions should perform that role.

In 2017, a number of voices including Pierre Moscovici,[29] Emmanuel Macron[30] and Jean-Claude Juncker[31] have called for the Eurogroup to formally chaired by the European Commissioner for Economic and Monetary Affairs and the Euro. This would constitute a step towards formalizing the Eurogroup as a branch of the European executive.

On 15 April 2008 in Brussels, Juncker suggested that the eurozone should be represented at the International Monetary Fund as a bloc, rather than each member state separately: "It is absurd for those 15 countries not to agree to have a single representation at the IMF. It makes us look absolutely ridiculous. We are regarded as buffoons on the international scene."[32] However Finance Commissioner Joaquín Almunia stated that before there is common representation, a common political agenda should be agreed.[32] In January 2010 Juncker indicated that the commission is to propose that the group become a member of the G20.[9]

During the 2013 Economic crisis in Cyprus, Eurogroup proceeded towards the first bail-in approach towards the Cypriot banking sector, resulting in the confiscation of deposits of Cyprus' two main banks. Despite the lack of any visibility on the banks' credentials and balance sheets, Eurogroup decided to utilise deposits of the two banks for a bail-in. The process is not completed yet. However, it has been criticized by some in the EU as an attack on private property.[33]

In March 2017, Jeroen Dijsselbloem, the President of the Eurogroup at the time, told the German newspaper Frankfurter Allgemeine Zeitung "As a Social Democrat, I attribute exceptional importance to solidarity. But those who call for it also have duties. I cannot spend all my money on drinks and women and then hold my hand up for help. That principle applies on a personal, local, national and also on a European level." while referring to Southern European countries affected by the European Debt Crisis.[34]

This statement led to strong reactions by many European figures, as Gianni Pitella, head of the Socialist group in the European Parliament (to which Dijsselbloem's party belongs) said "There is no excuse or reason for using such language, especially from someone who is supposed to be a progressive".[35] Manfred Weber, leader of the European People's Party group, tweeted "Eurozone is about responsibility, solidarity but also respect. No room for stereotypes".[36] The Portuguese Prime Minister, António Costa, said his words were "racist, xenophobic and sexist" and that "Europe will only be credible as a common project on the day when Mr. Dijsselbloem stops being Head of the Eurogroup and apologises clearly to all the countries and peoples that were profoundly offended by his remarks".[37] Former Italian Prime Minister Matteo Renzi also called on Dijsselbloem to quit, saying that "If he wants to offend Italy, he should do it in a sports bar back home, not in his institutional role".[38]

In a reaction Dijsselbloem said: "Everyone knows that I didn’t say that all southern Europeans spend their money on drinks and women. That’s not what was in the interview and it wasn’t my message. The anger about the interview is anger about eight years of policies to deal with the crisis. [...] I would have rephrased it otherwise probably. But it was my way of making clear that solidarity is not charity. It's not for nothing that the aid programs of the European emergency fund are accompanied by strict conditions: You get very cheap loans provided you take action to restore order. That is an important principle. For the ones who keep zooming in on those two words my message might be inconvenient. [...] It won't end well with the eurozone if we keep breaking our previous agreements. [...] My choice of words was not right, I'm sorry if you took offense, but I'm still behind the message."[39][40]