Irish Finance Minister Paschal Donohoe is the new president of the Eurogroup. The nineteen eurozone countries elected him on Thursday evening over Spain's Minister of Economy, Nadia Calviño, and Pierre Gramegna, Luxembourg's Minister of Finance.

Donohoe is the successor to the Portuguese Mário Centeno, who will step down as president of the Eurogroup in mid-July. In a statement after his election, the Irishman says he wants to be a bridge builder and reach consensus on the road to recovery.

According to estimates in Brussels, the eurozone will face a shrinkage of 8.7 percent this year. Growth of 6.1 percent would follow in 2021, but this all depends very much on the development of the corona virus.

The bloc is divided into countries that also want to maintain fiscal discipline in these circumstances and countries that insist on long-term easing. The Netherlands is one of the most important representatives of the first camp.

Jeroen Dijsselbloem was one of the previous chairmen of the Eurogroup. He held the position between 2013 and 2018.