Paschal Donohoe has won a head-to-head vote to become the President of Eurogroup.
This is the elite club of 19 EU finance ministers from the countries that use the euro.
In a tense vote, he went up against the Spanish Finance Minister, Nadia Calvino, in a shootout after Pierre Gramegna of Portugal dropped out after failing in the first round.
He succeeds Portugal’s Mario Centeno to take his place at Europe’s top table.
Mr Donohoe will not be stepping down as our finance minister, but it means we will have more influence in Europe as our man is chairman of the finance chiefs.
It is a major coup for Ireland, as one of the smallest countries in the group, to win this election.
Everybody had a single vote though, so it was with the help of the northern Europe and Baltic states that got the vote over the line - after intense lobbying as well of course.
Mr Donohoe spoke after winning the vote and he said: “I am honoured that my fellow Finance Ministers have chosen me as the next Eurogroup President, and I wish to pay tribute to the important work carried out by Mario Centeno.
“The Eurogroup is the economic engine for the Eurozone and the single currency.
“My immediate priority, as President, will be to chart a common way forward on building the European recovery, strengthening the Eurozone economy, and promoting sustainable and inclusive growth for Member States and their citizens.
“Across the EU our citizens are looking to us to provide the necessary leadership.
“As President, I will seek to build bridges amongst all members of the Euro Area, and to engage actively with all Member States, to ensure that we have a consensus-based approach to the recovery of our economies and our societies.
“I will bring to the table Ireland’s experience as a small Member State that has been a Programme country but which has also seen its economy and society transformed through EU membership.
“I look forward to working closely with my counterparts to ensure an inclusive and transparent Eurogroup, that delivers economic recovery, prosperity and jobs in the best interest of Europe and its citizens.”
Mr Donohoe will serve in this position for two and a half years, no matter what happens here at home in Irish politics.
