BRUSSELS: Irish Finance Minister Paschal Donohoe is on track to remain head of the Eurogroup — a grouping of the 19 countries using the euro — after emerging as sole candidate for a new term.

The European Council said in a statement that Donohoe was the only participating minister to put forward a candidacy by Thursday’s deadline — meaning the others effectively endorsed him continuing in the post for another two-and-a-half years.

Donohoe, 48, has chaired the group since July 2020. The Eurogroup formally elects its president on December 5, with the new mandate starting on January 13, 2023.

The Eurogroup is an informal body, but its chief carries weight in Brussels policy-making.

The post-holder is tasked with ensuring the coordination of national policies of the euro-using EU countries — a job whose importance was highlighted during the 2008 global financial crisis.