Carlos Cuerpo presents his candidacy for the Eurogroup

As the deadline approaches, the Minister of Economy, Trade, and Enterprise, Carlos Cuerpo , formalized his candidacy for the Eurogroup presidency this Friday. He will thus challenge the Irish People's Party (PPP) candidate, Paschal Donohoe, who is running for reelection.

After several days of uncertainty in which Cuerpo had left it unclear whether or not he would launch his candidacy, as he declared on Wednesday to TVE and RNE, the Ministry of Economy announced yesterday that he had finally submitted his candidacy.

Donohoe already defeated the current president of the European Investment Bank (EIB), Nadia Calviño, in 2020, despite being considered the favorite to succeed Portuguese Mário Centeno.

Previously, in 2015, the current Vice-President of the European Central Bank (ECB), Luis de Guindos, also lost to the Socialist Jeroem Dijsselbloem .

Carlos Cuerpo has a tough time, as a vast majority of European countries have right-wing governments, and only three share the same ideology as the Spanish minister. Donhoe needs 11 votes to be re-elected. He has six finance ministers from the EPP coalition (in coalition): Luxembourg, Belgium, Greece, Portugal, Latvia, and, of course, Ireland, with Germany very likely to be added. Cuerpo could count on the three Socialist governments (Spain, Malta, and Slovenia), while several governments, such as Italy and Hungary, are certain not to support him. France could once again be the deciding factor.

The Ministry argues that "the Spanish Minister of Economy's position is well known: he maintains that the current geopolitical landscape requires an urgent, agile, and ambitious approach to the European political agenda , in whose definition the Eurogroup plays a critical role. Spain wishes to maximize this role with renewed impetus."

According to Carlos Cuerpo, "this new impetus would allow progress to be made in key areas for growth, strengthening the welfare state, and integration among eurozone countries: the agenda for boosting competitiveness, deepening the Savings and Investment Union to advance the European Single Market , and strengthening the international role of the euro, as well as financial stability and fiscal responsibility."

Minister Cuerpo, according to his Ministry, is a firm supporter of the common project and is convinced that the Eurogroup can and should be a lever to drive it forward.

The presentation of his candidacy comes just three days after the Council of Ministers approved a veto on the merger between BBVA and Sabadell for at least three years, despite warnings from the European Commission. Some sources believe that this attitude of the Spanish government and Minister Cuerpo himself, obstructing a bank merger against EU warnings, could hinder this appointment.

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