Minister for Finance Paschal Donohoe has formally submitted his candidacy for a second term as President of the Eurogroup.

Speaking to reporters in Dublin today, Mr Donohoe said he had received a positive response from other EU countries, but added that he was not going to pre-judge the outcome of the election.

"I was very pleased to issue my formal letter of intention to stand for election on 5 December," Mr Donohoe said.

"I am very grateful for the very positive support I have received so far both publicly and privately from a wide range of countries within the European Union."

"It wouldn't be appropriate for me at this point to pre-judge at all the outcome because the deadline for nominations is still a number of days away," he added.

Earlier, Mr Donohoe wrote to his Eurogroup colleagues that it has been his "privilege to serve" as President of the Eurogroup since July 2020.

"Together we have achieved many successes; nonetheless, challenges remain and new ones are evolving," he wrote.

Mr Donohoe said his first priority if re-elected would be to strengthen the coordination of action and national policies to ensure they do not add to inflationary pressures.

Read Paschal Donohoe's letter in full

He said he was also committed to "further strengthening our Banking Union" and tabling further work for discussion on the "Digital Euro".

Mr Donohoe said the war in Ukraine reminds member states of the importance of the "core values that unite us".

"As we tackle the many challenges that lie in front of us, we cannot forget that there is war on our borders; however high the economic cost to us, the price Ukraine's citizens are paying is with their lives," he said.

The deadline for candidates to apply is 24 November with a vote taking place on 5 December.

The President of the Eurogroup is elected by a simple majority of at least 10 votes.

Mr Donohoe was first elected to the role for a two and-a-half year term in the summer of 2020.

However, it is expected that Ms Donohoe will switch ministerial portfolios in the coming weeks which will mean he is no longer Minister for Finance.

A spokesperson recently said that if Mr Donohoe was re-elected to the role, he would carry out his duties in the role as Minister for Public Expenditure and Reform.

The Minister for Finance at that point, expected to be Michael McGrath after the December reshuffle, will represent Ireland and will attend Eurogroup and ECOFIN meetings.

The president of the Eurogroup is usually a sitting finance minister.

However, Luxembourg had two representatives while Jean-Claude Juncker was head of the influential group in the past.

Additional reporting: Brian Finn, Brian O'Donovan