McGrath to be Ireland's next European commissioner

Image source, PA

Image caption, Minister for Finance Michael McGrath is to be the Republic of Ireland's next European Commissioner
  • Author, John Campbell
  • Role, 大象传媒 News NI economics and business editor

The Republic of Ireland's finance minister, Michael McGrath, is set to be the country鈥檚 next European commissioner.

Mr McGrath is being replaced as finance minister in the coalition government by Jack Chambers.

Mr Chambers, who was first elected to the D谩il (lower house of Irish parliament) in 2016 was most recently a minister of state at the Department of Transport.

Mr Chambers will shortly present a summer economic statement which sets the parameters for a pre-election budget.

The general election must take place before the end of March, but could be called earlier after the coalition parties had a better-than-expected showing in recent local and European elections.

Mr McGrath was appointed as finance minister in December 2022 having previously served as minister for public expenditure.

One of Mr McGrath's major achievements has been to establish a sovereign wealth fund, which will invest some of Ireland鈥檚 corporation tax windfall.

The European Commission is the European Union鈥檚 executive body which is overseen by 27 commissioners nominated by the member states.

Ireland鈥檚 previous commissioner was Mairead McGuinness who held the financial services portfolio.

The Irish government will be pushing for Mr McGrath to get an economics-focused portfolio.