Paschal Donohoe has today resigned from his position as President of the Eurogroup and Ireland’s Minister of Finance.

According to Eurogroup procedures, a new president will be selected as soon as possible. In the meantime, the Minister of Finance of the Republic of Cyprus, Makis Keravnos, will serve as interim chair.

In a statement, Paschal Donohoe explained that he resigned in order to take up the role of CEO and Chief Knowledge Officer of the World Bank Group, based in Washington, D.C.

“The opportunity to serve as President of the Eurogroup has been one of the greatest honors of my public life. Working together with colleagues in the Eurogroup, we faced many challenges, including the Covid pandemic, the effects of rising inflation caused by the unjust war on the people of Ukraine, and the consequences for Europe of a rapidly changing world. We strengthened the euro through collaboration, partnership, and our willingness to work together. This is because our currency is more than just an economic project—it is a demonstration of our shared values.

I believe we have advanced the euro, among other things, through coordination of fiscal policies, enlargement to include Croatia and Bulgaria, and our work on the Capital Markets Union, the Digital Euro, and the Banking Union,” Donohoe said.