Pasquale Donohoe announced on Tuesday his resignation as president of the Eurogroup, after three terms and almost five years in office, and as finance minister of his country, Ireland. He announced his departure with a statement in which he explained that he will now take on the role of managing director and director of Knowledge of the World Bank Group, based in Washington. His resignation paves the way for the re-nomination of the Spanish Minister of Economy, Carlos Body, who had presented his candidacy for the position.
“Meeting the needs of the most vulnerable and addressing the global challenges of our time has never been more important. The World Bank’s mission is ‘to eradicate extreme poverty and promote shared prosperity on a livable planet,'” the statement reads.
Donohoe had been head of the Eurogroup, a body attached to the Council of the Union, for almost five years. He was first elected in July 2020, when he succeeded his Portuguese counterpart, Mário Centeno. On that occasion, the Spanish Nadia Calviño, then Minister of Economy and current president of the European Investment Bank (EIB), also appeared. Last summer, the Irishman was re-elected to the position after two contenders, the Spanish Economy Minister, Carlos Body, and the Lithuanian, Rimantas Sadzius, withdrew their candidacies.
“The opportunity to serve as President of the Eurogroup has been one of the greatest honors of my career in public life,” said the Irishman. “Working with colleagues in the Eurogroup, we face numerous challenges, including the Covid-19 pandemic, the effects of uncontrolled inflation resulting from the unjustified war against the Ukrainian people and the consequences for Europe of a changing world.”
