Cyprus's Makis Keravnos Assumes Interim Eurogroup Chair Following Paschal Donohoe's Resignation

Interim Leadership for the Eurogroup

Makis Keravnos, the Finance Minister of Cyprus, has assumed the role of interim President of the Eurogroup. This appointment follows the resignation of Paschal Donohoe, who stepped down to take on a significant position at the World Bank. Keravnos will lead the influential body, comprising finance ministers from the eurozone member states, until a new permanent president is elected.

Paschal Donohoe's Transition to the World Bank

Paschal Donohoe, who had served as President of the Eurogroup since July 2020 and was re-elected for a third term in July 2025, announced his resignation on Tuesday, November 18, 2025. His departure marks a significant shift as he transitions to the role of Managing Director and Chief Knowledge Officer at the World Bank in Washington. In a statement, Donohoe reflected on his tenure, highlighting the challenges faced, such as the COVID-19 pandemic and the economic impacts of geopolitical events, and emphasized the collective effort to strengthen the euro.

Makis Keravnos Steps In

As per the Eurogroup's operational procedures, Makis Keravnos, who was appointed Cyprus's Minister of Finance on March 1, 2023, will serve as the interim chair. His interim leadership ensures continuity for the Eurogroup, which plays a crucial role in coordinating economic policies across the euro area. The process for electing a permanent successor is expected to commence promptly, with a potential vote as early as December.

The Role of the Eurogroup

The Eurogroup is an informal, yet highly influential, body composed of the finance ministers from the 20 European Union member states that have adopted the euro as their official currency. Its primary function is to discuss and coordinate economic policies, promote economic growth, and ensure financial stability within the eurozone. The position of Eurogroup President, formalized under the Lisbon Treaty, involves chairing meetings, setting agendas, outlining work programs, representing the group in international forums, and engaging in economic dialogues with the European Parliament.