Donohoe rules himself out of European Stability Mechanism job

Minister for Finance says he is not in running to become head of the ESM following flurry of speculation

Minister for Finance Paschal Donohoe has said he will not be a candidate for the position of head of the European Stability Mechanism, scotching speculation he would leave Irish politics for the full-time job in the EU.

Attending a meeting of European finance ministers in Luxembourg, Mr Donohoe clarified earlier remarks when he was asked about potential candidates for the job, which is to be vacated by Klaus Regling shortly, and declined to comment on any potential candidates, including himself.

However, when this sparked a flurry of speculation, Mr Donohoe moved to clarify that he is not a candidate.

His spokesman issued a statement which said: “Minister Donohoe is not a candidate for the MD of the ESM.

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“As President of the Eurogroup he is also chairman of the Board of Governors of the ESM and has been managing a process, since last March, to appoint a successor to the MD who is retiring.”

The spokesman added that four member states have put forward candidates for the position and there has been a number of rounds of voting so far. “No candidate has received the necessary support,” he said.

“The President of the Eurogroup is continuing to manage the process, working with his ministerial colleagues to find a suitable candidate for the MD position,” the statement said.

Pat Leahy

Pat Leahy

Pat Leahy is Political Editor of The Irish Times