Ireland’s Paschal Donohoe to step down as Eurogroup president

Brussels –Paschal Donohoe will announce his resignation as Ireland’s Finance Minister today (18 November) and will also later step down from the presidency of the Eurogroup, the coordinating body of the 20 Eurozone countries, which he has chaired for the past five years. His party, Fine Gael, confirmed the report by The Irish Times and several Irish media outlets. Donohoe will take over the prestigious post of Managing Director of the World Bank. 

Donohoe, who has not yet made any public statements, has reportedly already informed the Premier (or Taoiseach), Micheál Martin, that he will accept the role of number two at the World Bank. He will step down as finance minister today and will resign as an MP at the end of the week. Martin announced a minor government reshuffle, which he will explain later today. In Brussels, Donohoe was confirmed as head of the Eurogroup in July, for a third term. 

In a statement released by the Fine Gael Liberals, the Foreign Minister, Simon Harris, said that Donohoe’s new role as Managing Director and Chief Knowledge Officer of the World Bank “is a position of significant international standing, and is a testament to Paschal’s integrity, expertise, and the high esteem in which he is held both at home and abroad.” Harris pointed out that “over more than two decades in public life, Paschal Donohoe has served with unwavering dedication” and “has played a central role in successive Governments.”