Makis Keravnos Assumes Acting Presidency of Eurogroup Following Donohoe’s Resignation
In November 2025, Cypriot Finance Minister Makis Keravnos stepped in as acting president of the Eurogroup after the sudden resignation of Ireland’s Paschal Donohoe, who accepted a position at the World Bank. This transition occurred as Cyprus prepared for its upcoming EU Council Presidency, placing Keravnos at the forefront of European economic leadership during a pivotal period marked by ongoing challenges from the pandemic, inflation linked to Russia’s war in Ukraine, and global economic shifts.
According to Eurogroup rules, when the presidency becomes vacant, the finance minister of the member state holding the upcoming EU Council Presidency assumes the acting role. Cyprus was set to hold the EU Council Presidency in the second half of 2026, making Keravnos the natural choice for the interim position.
Donohoe, who had served as Eurogroup President since 2020, highlighted his achievements in a farewell statement, including strengthening the euro, coordinating fiscal policies, welcoming Croatia and Bulgaria into the eurozone, and advancing initiatives such as the Digital Euro, Banking Union, and Capital Markets Union. He emphasized the importance of international cooperation, noting that his novel role at the World Bank would allow him to continue this work globally.
Keravnos brings extensive experience to the role, having previously served as Cyprus’s Minister of Finance from 2004 to 2005 and as Minister of Labor and Social Security from 2003 to 2004. Before his return to government in 2023, he led Hellenic Bank as CEO from 2005 to 2014 and served as a non-executive member of the Central Bank of Cyprus’s Board of Directors from 2018 until his appointment as finance minister in 2023.
As acting Eurogroup President, Keravnos presided over meetings of the Economic and Financial Affairs Council (ECOFIN), where he worked to maintain consensus among member states on critical economic policies. His leadership came at a time when the Eurogroup was navigating the aftermath of the pandemic, managing energy price volatility, and addressing the long-term economic impacts of the conflict in Ukraine.
The appointment underscored Cyprus’s growing influence within European economic governance and highlighted Keravnos’s reputation as a seasoned economist and banker. His ability to step into the role swiftly demonstrated the stability and continuity of Cyprus’s financial leadership during a period of transition for the Eurogroup.
By early 2026, the Eurogroup had elected a new president, Kyriakos Pierrakakis, ending Keravnos’s interim tenure. However, his period in office contributed to ongoing efforts to deepen economic integration and resilience within the eurozone.