Public Expenditure Minister Paschal Donohoe's potential bid to lead the International Monetary Fund (IMF) is in the "best interest of the country", according to Irish journalist Hugh O’Connell.
Bloomberg reported yesterday that Mr Donohoe was considering throwing his name in the hat to run the body.
Irish Independent Deputy Political Editor Hugh O’Connell said Bloomberg “doesn’t make this stuff up”.
“They’re very well sourced in this area,” he told The Anton Savage Show.
“They're conscious when they report news, they tend to move markets, so they take great sensitivity with a story like this.”
Mr O’Connell said he was flagged to the former Finance Minister's potential bid for an international role last June.
“It’s a significant move,” he said.
He noted that Mr Donohoe or his spokesperson has not yet denied these reports, despite previously rejecting claims quickly that he would run for a position in the European Parliament.
“They just said he's focused on finishing his term as president of the Eurogroup and committed to serving his full mandate in Europe, but also will be a candidate in the next election in Ireland,” he said.
“At no point so far did they say [his IMF bid] is not true or that the Minister is not interested.”
IMF connection 'in the interest of the country'
Mr O'Connell noted an Irish IMF head is “definitely in the interest of the country”.
“The IMF is a significantly powerful institution as we all remember,” he said.
“If he was in head of the IMF in 2010, maybe we would have got a better [bailout].”
The connections Mr Donohoe has built over the years seem to suggest a future in the IMF, according to Mr O’Connell.
“The interesting thing is he has established good rapport with Janet Yellen, the US Treasury Secretary, in the last few years, particularly around the global tax accord that was struck this year,” he said.
“He is seen as someone who can cajole support from countries that have low tax environments for corporate companies.”
Mr Donohoe has been head of the Eurogroup since 2020 and was recently elected for a second term.
He was in New York yesterday discussing growth in the European economy.
