{"id":17152,"date":"2020-07-10T08:43:38","date_gmt":"2020-07-10T05:43:38","guid":{"rendered":"https:\/\/vastuullisuusuutiset.fi\/?p=17152"},"modified":"2020-07-11T14:05:36","modified_gmt":"2020-07-11T11:05:36","slug":"irelands-donohoe-takes-eurogroup-helm-during-worst-recession","status":"publish","type":"post","link":"https:\/\/vastuullisuusuutiset.fi\/fi\/weeks-highlights\/irelands-donohoe-takes-eurogroup-helm-during-worst-recession\/","title":{"rendered":"Ireland’s Donohoe takes Eurogroup helm during worst recession"},"content":{"rendered":"

The Eurogroup of euro zone finance ministers on Thursday elected Ireland\u2019s Finance Minister Paschal Donohoe as its new chair, a job that will see him try to steer the group\u2019s coronavirus-damaged economies out of their worst recession.<\/p>\n

Dubbed \u201cPrudent Paschal\u201d by some local media, the Dubliner eschewed demands for bigger tax cuts and spending increases to deliver Ireland\u2019s first budget surplus in a decade. He is also strongly against a potential EU tax on digital firms.\u00a0Donohoe was elected after two rounds of votes in which he defeated Spain\u2019s Economy Minister Nadia Calvino and his Luxembourg counterpart Pierre Gramegna.\u00a0He will take over from the outgoing president Mario Centeno on July 13 and will serve a two and half year mandate until the end of 2022.<\/p>\n

Despite criticism for its opacity, and recently for its perceived irrelevance, the Eurogroup remains a powerful institution which played a key role during the financial crises of the last decade, ultimately helping to avoid the collapse of the common currency.\u00a0Donohoe will have to steer the 19-nation euro zone out of its worst ever recession, with the European Commission estimating the bloc\u2019s economy will shrink by 8.7% this year before growing by 6.1% in 2021 – should the coronavirus crisis be under control by then.<\/p>\n

He will have to mediate between a southern bloc which supports a permanent watering down of the bloc\u2019s fiscal rules and a northern front led by the Netherlands that prefers a quick return to Brussels\u2019 checks on national budgets.\u00a0Requirements that states keep fiscal deficits below 3% of gross domestic product and reduce high debt have been suspended during the pandemic, in an unprecedented move.<\/p>\n

EU economics commissioner Paolo Gentiloni said he was confident Donohoe will play a crucial role \u201cat a time of unprecedented challenges\u201d for the euro zone.\u00a0\u201cIn times of crisis the appropriate fiscal stance is one supportive of economic activity. We must not rush in pulling back our economy stimulus as this may harm our economy,\u201d Portugal\u2019s Centeno said in his farewell message.\u00a0Centeno fully saw his role as a mediator, in the footsteps of Luxembourg\u2019s Jean-Claude Juncker.\u00a0Juncker held the post from its creation in 1998 until he was replaced in January 2013 by former Dutch finance minister Jeroen Dijsselbloem, who was seen as less diplomatic.<\/p>\n

Source: Reuters<\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

The Eurogroup of euro zone finance ministers on Thursday elected Ireland\u2019s Finance Minister Paschal Donohoe as its new chair, a job that will see him…<\/p>\n","protected":false},"author":4,"featured_media":26456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":null,"_FSMCFIC_featured_image_hide":null,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[77],"tags":[5033,4380,533],"class_list":["post-17152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-weeks-highlights","tag-donohoe","tag-eurogroup","tag-ireland","wpcat-77-id"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/vastuullisuusuutiset.fi\/wp-content\/uploads\/2020\/10\/rsz_vaulogo.jpg?fit=100%2C58&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/posts\/17152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/comments?post=17152"}],"version-history":[{"count":1,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/posts\/17152\/revisions"}],"predecessor-version":[{"id":17154,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/posts\/17152\/revisions\/17154"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/media\/26456"}],"wp:attachment":[{"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/media?parent=17152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/categories?post=17152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/tags?post=17152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}