Spain Navigates Eurogroup Leadership Transition, Eyes Key ECB Role
The Eurozone is preparing for a shift in leadership as the search for a new Eurogroup president intensifies following the unexpected departure of Pascal Donohoe, while Spain simultaneously aims to maintain its influence within the European Central Bank (ECB).
Spain’s Minister of Economy, Commerce and Enterprise, Carlos Cuerpo, has opted not to pursue the presidency of the Eurogroup after his previous attempt in July was unsuccessful. Donohoe was then re-elected by consensus, having previously defeated Spain’s Nadia Calviño for the position in 2020. However, Donohoe’s recent resignation as minister to become Managing Director and Head of Knowledge at the World Bank – a role under the leadership of Ajay Banga – has reopened the opportunity.
Makis Keravnos, the Minister of Finance of the Republic of Cyprus, assumed the role of acting president of the Eurogroup on November 18, 2025, following Donohoe’s departure. According to established procedures, Keravnos will fulfill this function until a permanent successor is chosen.
The Eurogroup members, where the Partido Popular Europeo holds a majority, are scheduled to elect the new president on December 11, with the official mandate beginning on December 12 for a term of two and a half years. Candidates are expected to formally submit their applications this Friday.
Beyond the Eurogroup succession, the end of the year will also see the initiation of a process to fill the vacancy of Vice President of the ECB, as Luis de Guindos’ term concludes on May 31. Spain is determined to retain a prominent position within the monetary institution.
“Spain will continue working to ensure a ‘significant and influential’ presence in the main European economic and financial institutions,” a government source stated, emphasizing the nation’s commitment to shaping a stronger and more cohesive Europe.
The dual leadership transitions underscore the ongoing power dynamics within the Eurozone and the importance of securing key positions for national interests. Spain’s efforts to maintain influence in both the Eurogroup and the ECB highlight its dedication to contributing to the future of European economic policy.
