Wednesday 16 October 2019

Philip Lane in one-horse race to become chief economist at ECB

Governor of the Central Bank, Philip Lane. Photo: Stephen Collins/Collins Photos
Governor of the Central Bank, Philip Lane. Photo: Stephen Collins/Collins Photos
Donal O'Donovan

Donal O'Donovan

Central Bank of Ireland Governor Philip Lane is in a one-horse race to become chief economist at the European Central Bank, it is understood.

A formal confirmation is expected shortly that no other nominations have been received by the Eurogroup of Euro Area finance ministers, who must fill the seat on the ECB’s executive board before incumbent Peter Praet steps down on May 31 at the end of histerm.

The deadline for nominations passed today.

Ireland has been the only founding member of the euro bloc never to have had a seat on the ECB’s executive board.

Prof Lane had been nominated well in advance by the Minister for Finance Paschal Donohoe.

If he gets the post it will create a vacancy at home for a new Governor of the Central Bank of Ireland.

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