Carlos Cuerpo, the Minister of Economy of Spain, has indicated that it is 'premature' to discuss his potential candidacy for the presidency of the Eurogroup, the council of finance ministers from Eurozone countries, following diplomatic sources confirming that he has been in contact with several European colleagues to gauge support.

The next Eurogroup meeting, scheduled for June, will require the submission of formal candidacies.

In response to inquiries from the press, Cuerpo stated, 'Now we are in a period of discussion about the main issues that affect the Eurogroup, which must be a central body moving forward, redefining the international role of the euro and addressing significant matters such as progress on Banking Union and Capital Markets Union.' He emphasized the need for focused discussions on these crucial topics, reiterating multiple times that it is 'premature' to talk about candidacies for the upcoming leadership position.

Paschal Donohoe, the current president, has held the role since 2020 and is the first to serve under a fixed election system established in 2004. Several delegations are advocating for a change in leadership at the Eurogroup, a forum that played a vital role during the Eurozone crisis but has diminished in influence compared to Ecofin, the meeting of all finance ministers in the European Union.

Cuerpo may face a challenging race, with several candidates affiliated with the European People's Party (EPP) and two from the European Conservatives and Reformists (ECR).

While there are six ministers from the Progressive Alliance of Socialists and Democrats (S&D) group, another social democratic minister, Rimantas Šadžius from Lithuania, is also looking for support, which could potentially split the socialist votes.

Furthermore, there is a minister from Slovakia categorized as independent and three liberal ministers from Renew Europe.

Historical precedents indicate that geographic ties and shared interests may play a more significant role than party affiliation in determining support for candidates.

For instance, Spain and Portugal have traditionally supported each other in such elections, while the Baltic states, despite political differences, may lean towards supporting Šadžius.

Spain holds several significant economic positions within European institutions.

Nadia Calviño, a former economic vice president, currently serves as president of the European Investment Bank (EIB).

Luis de Guindos, another predecessor of Cuerpo, has been vice president of the European Central Bank (ECB) since 2018, and José Manuel Campa has been at the helm of the European Banking Authority (EBA) since 2019, where he was recently reappointed until 2029. Spain has previously attempted to secure the Eurogroup presidency with de Guindos and Calviño, but those efforts were unsuccessful.

The Eurogroup has existed since 1998 and gained a more defined structure with a fixed presidency starting in 2004, when Jean-Claude Juncker, then Luxembourg’s Minister of Finance, was elected as the first president.

He was succeeded by Jeroen Dijsselbloem in 2013, followed by Mário Centeno in 2018, and Donohoe in 2020. Each previous president transitioned into the role without contesting against succeeding presidents, as their predecessors opted not to seek re-election.

Cuerpo brings extensive experience to the forum from both his position as Minister of Economy and his prior role in the Eurogroup Working Group (EWG).

He gained significant exposure during negotiations for reforming the Stability and Growth Pact, which took place during Spain’s presidency of the Council of the European Union, at a time when Calviño served as his predecessor.

His profile is generally well-regarded; he is seen as discreet, approachable, and familiar with key dossiers, though strong personal relationships alone may not suffice to ensure election as president of the Eurogroup.