Two hopefuls to replace Donohoe as president of the Eurogroup, Spanish Economy Minister Carlos Cuerpo and Lithuania's finance minister Rimantas Sadzius, stood down their candidacies ahead of the vote having failed to garner enough support to take over the role and, in the words of Cuerpo, to 'avoid fragmentation' of the influential body.

The Eurogroup is an informal body comprised of the finance ministers from the 20 eurozone member countries, who meet every month to coordinate economic policy.

Commenting on his re-election Donohoe said, 'It has been a great honour and privilege to serve as President of the Eurogroup since 2020. I am very grateful to my fellow ministers for the trust they have placed in me to continue leading our important work for a third term. As I promised to ministers in 2020, I have been - and will remain - a genuine and honest broker in our negotiations, ensuring that all voices and positions are taken into account. In the face of significant geopolitical changes, the euro area has proven to be very resilient. It will be my task to further strengthen our common currency area and facilitate tangible progress on our key work streams during this next mandate - from budgetary coordination to the Capital Markets Union, and from the digital euro to the Banking Union. A stronger and more competitive euro area will reinforce the international role of the euro, further enhance our resilience and prosperity to the benefit of our citizens.'