Brussels               -          Eurozone finance ministers, known as the Eurogroup, will elect their new president on Thursday, filling a key job just as the continent is facing the worst recession in EU history.

Among the 19 ministers, three have bid for the post: Spain’s Nadia Calvino, the favourite who is part of Madrid’s left-wing government, Ireland’s centre-right Paschal Donohoe and Luxembourg centrist Pierre Gramegna.

The job is considered one of the Europe’s key positions, along with the heads of the European Commission, EU Council and the European Parliament.

Whoever wins will be tasked with watching over a massive EU recovery plan that is still in negotiation as well as reviving stalled reforms of the single currency that is widely seen as needing fixing.

The eurozone economy is set to contract by a record 8.7 percent this year, with mass unemployment and other dire consequences still a possibility.