Paschal Donohoe announced his resignation on Tuesday, 18 November, effective immediately from his position as Eurogroup president, as he is expected to take up the position of Managing Director and Chief Knowledge Officer of the World Bank, based in Washington.
According to the Eurogroup's operating rules, and with Cyprus holding the upcoming Presidency of the Council of the EU, the acting presidency will be assumed by the Cypriot Minister of Finance, Makis Keravnos.
"The opportunity to serve as President of the Eurogroup has been one of my greatest honors in public life. Together with my colleagues in the Eurogroup, we faced many challenges, including the Covid pandemic, the impact of soaring inflation due to the unjustified war against the people of Ukraine, and the consequences for Europe of a rapidly changing world," Donohoe says in his resignation statement.
"We strengthened the euro through our collaboration, cooperation, and willingness to work together. This is because our currency is more than just an economic project; it is a demonstration of our shared values," he further stressed. "I believe we have advanced the euro, including through the coordination of budgetary policies, enlargement to include Croatia and Bulgaria, and our work on the Capital Markets Union, the Digital Euro, and the Banking Union," he also said.
On a more personal note, Donohoe stated that "the importance and benefit of our international cooperation have been a key theme of my public life," adding that he now has the opportunity to further contribute to this cooperation at a different level. "I will soon be taking up the role of Managing Director and Chief Knowledge Officer of the World Bank, based in Washington. I am tendering my resignation as President of the Eurogroup and Minister for Finance for Ireland, effective from today," concludes the statement of the outgoing Eurogroup President.
(Source: CNA)
