Eurozone finance ministers will decide Thursday who should lead the group over the next 30 months.
Whoever gets a majority will succeed Portugals Mário Centeno, whose two-and-a-half-year term ends on July 12, and try to coordinate a eurozone recovery after the pandemic cratered the EU economy.
The election pits the EUs largest political families against each other. Donohoe hails from the center-right European Peoples Party, Calviño comes from the Socialists & Democrats, and Gramegnas a member of the liberal Renew Europe group.
But Europes North-South divide over budget policy could be more important than party politics, considering the ongoing work over an EU recovery fund and future eurozone budget. Calviño, meanwhile, would be the first woman to hold the post, following Christine Lagardes breakthrough at the European Central Bank last year.
“The Eurogroup is made right now of a group of very experienced finance ministers,” Centeno told POLITICO in mid-June, standing neutral on who should follow in his footsteps. “I dont see an issue of gender in this race at all.”
The successor will also aim to broker a compromise on sharing risks in the banking industry, unblocking a proposal to combine national deposit guarantees to protect savers.
The winner needs a simple majority out of the 19 ministers, who get one vote each. Nominees can cast a ballot for themselves.
With many travel restrictions still in force to contain the coronavirus, ministers will hold vote virtually, using e-ballot software that the Council has tested. The program will relay their choice in secret. Centeno will get an immediate notification of the result and announce it to the group.
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