Central Bank Governor Philip Lane nominated to ECB board

Central Bank Governor Philip Lane nominated to ECB board

Central Bank governor Professor Philip Lane has been nominated for a top EU banking job.

Mr Lane was nominated today to the Executive Board of the European Central Bank (ECB) by Finance Minister Paschal Donohoe.

A candidate will be agreed by the Eurogroup on February 11 and a formal recommendation will be sent to the European Council by the Economic and Financial Affairs Council (ECOFIN) on February 12.

Minister Donohoe said Mr Lane's "outstanding economic, financial and policy-making record" put him in an ideal position to take a seat on the ECB's board.

“I am delighted to nominate Governor Lane to the Executive Board of the ECB, he said.

Philip is well recognised as a person of calibre and is held in high esteem across Europe.

Mr Lane is currently Chair of the Advisory Technical Committee of the European Systemic Risk Board (ESRB) and was previously appointed as Chair of the High-Level Task Force on Safe Assets and Chair of the Advisory Scientific Committee.

Earlier today, the Financial Times reported he was a "strong favourite" for the role of chief economist of the ECB.

The current incumbent is due to step down at the end of May.

Ireland is the only Eurozone country which has never had a banker on the ECB's executive board.

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