Reuters reported that Spanish Economy Minister Carlos Cuerpo has launched his candidacy to preside over the Eurogroup, quoting a ministry spokesperson on Friday June 27th. Cuerpo will seek to "revitalise" the Eurogroup, the spokesperson said. "The euro area requires urgent and decisive action to strengthen our economic union and enhance the global role of the euro, all while maintaining fiscal and financial stability," the statement added.

Cuerpo is a member of Spain's Government, while Paschal Donohoe is a member of the EEP, the largest party in the European parliament.
This week, Spain's Socialist Party dominated Government found itself at odds with all other members of NATO in dissenting from a general agreement to raise defence spending to 5% of GDP as part of the global response to increased security tensions, a position supported by Cuerpo. Spain has also encouraged a positioning of its government as a supporter of Southern countries within the union, and 'appropriate levels of spending to spur recovery'.

Commenting on Cuerpo's candidacy, Coinformia, a digital cryptocurrency publication, said "To have a successful bid would establish a major diplomatic victory for Spain and solidify it as a central player in European policymaking. It would also be a consolation to the Spanish government, which had seriously worked to gain a more prominent role in EU institutions post-Brexit. More widely than issues of financial authority and governance, having a southerner as the lead, may help nudge the debate in favour of the measures and justifications for an appropriate level of spending to spur recovery, especially in contrast to the more frugal members of the bloc".

In a possible sign of the likely outcome, Germany's majority party is now the EPP, whose Chancellor Merz has hit the ground running with a new vision for Germany's role in Europe, while Minister Paschal Donohoe was honoured by France earlier this month with a Legion d'Honneur award, France's highest honour. France's Christine Lagarde, president of the ECB, and a member of the Eurogroup, also this month has been making statements aligning closely with those of Donohoe, particularly in regard to the potential role of the euro as a stable haven currency in international trade.