Finance Minister Makis Keravnos will take over as acting president of the Eurogroup following Pascal Donoghue’s resignation, it was announced on Tuesday.

Donoghue announced his resignation ahead of plans to take a post as the World Bank’s managing director and chief knowledge officer in Washington.

In accordance with the Eurogroup’s operating rules and with Cyprus as the incoming EU Council presidency, Keravnos is expected to serve as interim president until a permanent successor is appointed.

“The opportunity to serve as president of the Eurogroup has been one of the greatest honours of my public life,” Donoghue said in his resignation statement.

“Together with my colleagues in the Eurogroup, we have faced many challenges, such as the Covid pandemic, the impact of hyperinflation due to the unjustified war against the Ukrainian people, as well as the consequences for Europe of a rapidly changing world,” he continued.

Donoghue emphasised his team’s success in strengthening the euro through collective effort driven by a belief that “our currency is not just an economic project, but a testament to our shared values.

“The importance and benefit of our international cooperation has been a key theme of my public life,” he said, adding that he was given the opportunity to further contribute to this cooperation at a different level.