Paschal Donohoe has resigned as Ireland’s finance minister to take on the role of chief executive officer at the World Bank. According to Irish media reports, Irish Prime Minister Micheál Martin announced a cabinet reshuffle in which Simon Harris will assume the duties of finance minister following Donohoe’s resignation.
Donohoe also resigned from his position as president of the Eurogroup, according to the Irish Times. Reports about Donohoe’s new position, who has served as a member of parliament since 2011 and as a minister since 2014, have been circulating for some time.
It should be noted that Donohoe has been president of the Eurogroup since 2020. He was also a potential candidate for leadership of the International Monetary Fund.
The 51-year-old Donohoe was re-elected in July for a two-and-a-half-year term as head of the Eurogroup, whose mission was to chair monthly meetings of finance ministers to ensure coordination of national economic policies. From this position, he was an influential voice in Brussels, alongside those of the presidents of three major EU institutions – Ursula von der Leyen (Commission), António Costa (Council) and Roberta Metsola (European Parliament) – and diplomacy chief Kaja Kallas.
Paschal Donohoe moves to the World Bank
Donohoe will now work at the World Bank in Washington in the field of international development finance.
However, his departure from the Irish government will leave a significant gap as he successfully contributed to shaping fiscal policy.
