Whoever takes on the chair of the eurozone group will play a major role in digging Europe out of the coronavirus economic downturn.
Spain's Economy Minister, Nadia Calviño has become the front runner in the race to succeed Mário Centeno as the next Eurogroup president.
The 51-year-old economist became the first official contender for the position after the government in Madrid formally proposed her candidacy.
Calviño would become the first woman to lead the Eurogroup.
Irish Finance Minister Paschal Donohoe has now also thrown his hat into the ring.
He is thought to have widespread support as a potential compromise candidate coming from a middle-ground country.
Luxemburg's Finance Minister Pierre Gramegna is the latest to show interest in the role.
The Eurogroup's top post is vacant after Portuguese chairman, Mario Centeno said he will not seek a second two-and-a-half-year term.
The new Eurogroup chair will play a major role in designing the EU's policies for economic recovery after the coronavirus crisis.