Timeline: History

The European Council endorses the creation of the Eurogroup, an informal body that brings together the finance ministers of countries whose currency is the euro. The first Eurogroup meeting is held on 4 June 1998 at the Chateau de Senningen in Luxembourg.

• Eurogroup

It is introduced in 11 member states: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.

Greece becomes the 12th EU member state to join the euro area.

On 1 January 2002 the euro starts circulation as banknotes and coins, replacing national currencies.

The Treaty of Nice introduces the reform of EU institutions, in preparation for a future enlarged EU of 27 member states. The Council is reformed to extend the use of qualified majority voting, and to introduce the principle of enhanced cooperation between member states.

The Eurogroup decides to have a permanent president, appointed for a period of two years.

At an informal Economic and Financial Affairs Council (ECOFIN) meeting in Scheveningen, Jean-Claude Juncker is elected as the first permanent President of the Eurogroup. His term runs from 1 January 2005 until 31 December 2006.

He is elected as President of the Eurogroup for a second term.

Slovenia becomes the 13th EU member state to adopt the euro as its currency.

There are now 15 members of the euro area.

The French President, Nicolas Sarkozy, proposes a regular meeting of the euro area heads of state or government. The first meeting takes place on 12 October 2008. Subsequent summits take place in May 2010, March 2011, July 2011, and October 2011 in Brussels.

Euro Summit meetings help to coordinate euro area economic policy and are also attended by the Euro Summit President and the President of the European Commission. 

• Euro Summit

Slovakia becomes the 16th member of the euro area.

Protocol 14 to the Lisbon Treaty enters into force on 1 December 2009, setting out the role of the Eurogroup. Ministers of the member states with the euro will meet informally to discuss matters related to the single currency and they will elect a president for two and a half years.

The Lisbon Treaty also amends the Council of the EU's rules so that when the full Economic and Financial Affairs Council (Ecofin) votes on matters only affecting the euro area, only Eurogroup members are allowed to vote.

• Protocol (n°14) on the Eurogroup

Estonia becomes the 17th country to join the euro area.

Jeroen Dijsselbloem, Dutch Finance Minister, is elected President of the Eurogroup. He becomes the second permanent Eurogroup President in the history of the Eurogroup.

• President of the Eurogroup
• Jeroen Dijsselbloem

Latvia becomes the 18th member of the euro area.

The euro area now has 19 members: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.

Jeroen Dijsselbloem is re-appointed as Eurogroup President for a second term of 2.5 years.

• Eurogroup statement on the appointment of the President of the Eurogroup
• President of the Eurogroup

Mário Centeno, Portuguese Finance Minister, is elected President of the Eurogroup. He becomes the third permanent Eurogroup President in the history of the Eurogroup.

The Eurogroup elected Paschal Donohoe, Minister for Finance and Public Expenditure and Reform of Ireland, as President of the Eurogroup, in line with Protocol 14 of the EU treaties.

The new president takes office as of 13 July 2020 for two and a half year term.

• Paschal Donohoe elected Eurogroup President (press release, 9 July 2020)

The Eurogroup reelected by consensus Paschal Donohoe, Minister for Finance of Ireland, as President of the Eurogroup, for a second term of two and a half years that started from 13 January 2023.

• Paschal Donohoe reelected Eurogroup President (press release, 5 December 2022)

Croatia becomes the 20th member of the euro area.

The Eurogroup has re-elected Paschal Donohoe, Ireland’s Minister for Finance, as its President by consensus. In office since 13 July 2020, he will begin his third term on 13 July 2025. The mandate will run for two and a half years.

• Paschal Donohoe confirmed for a third term as Eurogroup President (press release, 7 July 2025)

On 18 November 2025, Makis Keravnos, Minister of Finance of the Republic of Cyprus, became acting President of the Eurogroup following the resignation of Paschal Donohoe, the previous president. In keeping with the Eurogroup’s working methods, he will serve in this role until a new president is selected.

• Statement from President of the Eurogroup, Paschal Donohoe (press release, 18 November 2025)

The Eurogroup has elected Kyriakos Pierrakakis, Minister of Economy and Finance of Greece, as President of the Eurogroup, in line with Protocol 14 of the EU treaties.

The new president will take up office on 12 December 2025 and serve a two-and-a-half year term.

• Kyriakos Pierrakakis elected Eurogroup President (press release, 11 December 2025)