Irish Minister for Finance Paschal Donohoe on Thursday was picked as the new president of the Eurogroup, a key role as Europe sits in the depths of its deepest recession since World War II.
The group brings together the eurozone finance ministers who help guide European economic policy and where political divisions can be bitter, especially in times of crisis.
Donohoe beat out favorite Spanish Minister of Economic Affairs and Digital Transformation Nadia Calvino, as well as Luxembourger Minister for Finances Pierre Gramegna, winning at least 10 votes of the 19 ministers, though the final result was not made public.
Photo: AFP
The job is considered one of the EU’s key positions, along with the presidents of the European Commission, EU Council and the European Parliament.
Donohoe begins his term on Monday and would be an important figure in watching over a massive EU recovery plan that is still in negotiation amid angry north-south divisions.
The eurozone economy is set to contract by a record 8.7 percent this year, with mass unemployment and other dire consequences still a possibility.
“I’m deeply conscious that the citizens of Europe ... have become fearful again for their futures, for their jobs and for their incomes,” Donohoe told reporters after the vote. “The challenges are great, but we will prevail and we will overcome them.”
The choice came as a surprise and was attributed to a campaign by ministers from smaller nations, who were wary of giving the highly strategic post to a European heavyweight such as Spain.
Ireland has angered its partners over the years for its firm opposition to a digital tax and its spirited defense of its low business tax that has attracted big US technology companies to its shores.
The 45-year-old would also be in charge of reviving stalled reforms of the single currency that is widely seen as needing fixing.
Donohoe’s road to victory began last week by gaining the crucial support of the European People’s Party that unites the European conservatives, including German Chancellor Angela Merkel’s party.
A big fan of Star Wars, Donohoe is regarded as a prudent caretaker who kept his nation on the right track after the ravages of the eurozone debt crisis.
Calvino had the backing of southern Europe, France and Merkel, who said she would like to see a woman in the job for the first time.
Her opponents believed the job requires compromise between the nations of the north, who adhere to budgetary discipline, and those in the south, who are considered to be more lax.
The north-south split has taken on even greater importance as nations negotiate a 750 billion euros recovery plan that its proponents hope is agreed at an EU summit next week.
It is the second defeat for Gramegna, who lost in 2017 to the soft-spoken former Portuguese minister of finance Mario Centeno, who is stepping down after a single term that did not leave a strong impression.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last