Carlos Cuerpo presents his candidacy to preside over the Eurogroup

BrusselsIt was a matter of days. After testing the waters in recent weeks, Spanish Economy Minister Carlos Cuerpo officially presented his candidacy this Friday—just hours before the deadline—to preside over the Eurogroup, the institution that brings together the eurozone's financial leaders on a monthly basis. "A step forward to give renewed impetus to an institution that must play a key role in the European political agenda," the Socialist leader tweeted.

This is Spain's third attempt to lead this influential community entity in just a few years: previously, the Popular Party's Luis de Guindos and the Socialist Nadia Calviño ran unsuccessfully. But this time, it doesn't seem that Cuerpo will have an easier time than his predecessors in securing the necessary support.

He will have to face off against the current president of the Eurogroup, the Irishman Paschal Donohoe, and another candidate to lead the institution, the Lithuanian Rimantas Sadzius. The final vote will take place at the next meeting of eurozone finance ministers on July 7 in Brussels. For now, several countries contacted by the ARA are avoiding taking sides. Generally, they don't want to make a false move and prematurely back the underdog.

Beyond the member states, Donohoe already has the support of the European People's Party (EPP), the most influential political party in the EU and the one that controls the most governments in the eurozone. Furthermore, the Lithuanian candidate is also a Socialist, which threatens to split the few Social Democrat votes in the Eurogroup.

The main obstacle facing the Corps is the EPP's dominance in the EU as a whole, and especially in the Eurogroup, and the difficult period the Social Democratic party is going through. Of the total of 20 seats in the body, seven are controlled by conservatives and only four by socialists. Furthermore, two countries have far-right finance ministers, Finland and Italy. To be elected president of the Eurogroup, he must have at least 11 votes.

The only factor that could work in favor of the Minister of Economy is the fact that countries vote not only based on political affinity but also on geographical grounds, especially on economic issues. It should be remembered that, for example, northern states have historically been staunch defenders of austerity, while southern states tend to favor more expansionary economic policies and close ranks in this regard. Be that as it may, the Corps' chances of chairing the Eurogroup are, at the moment, minimal.

A springboard candidacy

Although it may end badly, it's a step forward that could give Cuerpo a certain notoriety within the corridors of the European institutions. In fact, the Minister of Economy already knows the engine room of the EU Council well and knows his way around. He plays an active role in the Eurogroup and has presented various initiatives with the aim of leading and influencing meetings with his financial counterparts from the countries in the single currency. He is also a technical profile who, as Secretary General of the Treasury, already participated in the negotiation of the European Union's fiscal rules. However, his name still flies sufficiently unnoticed in Brussels, and this step could propel him onto the EU political scene.

Just look at the cases of De Guindos and Calviño. The former minister with the People's Party is now Vice President of the European Central Bank (ECB), which is the central bank of the eurozone countries and responsible for euro monetary policy. And, as for the former Vice President of the Spanish government and Finance Minister under Pedro Sánchez, nowchairs the European Investment Bank (EIB),which is the financial arm of the European Union. In any case, it's worth remembering that presiding over the Eurogroup doesn't require leaving the position of minister.