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Irish finance minister Paschal Donohoe resigns to take role at World Bank

Premature departure will create vacancy at head of Eurogroup

Ireland’s finance minister Paschal Donohoe is stepping down to take up a senior position at the World Bank, creating an early vacancy at the helm of the Eurogroup, of which he has been president since 2020.

Donohoe was re-elected for a third term as Eurogroup president in July, a role that was very high-profile during the Eurozone sovereign debt crisis, handling the EU’s response, but has since involved co-ordinating fiscal policy in the single currency bloc.

Donohoe’s premature departure will kick off a race among Eurozone capitals to replace him. His third term as Eurogroup president had been due to end in 2027.

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