May 18, 2021

Ireland proposes its central governor as chief economist of the ECB | Economy

Ireland proposes its central governor as chief economist of the ECB | Economy



Philip Lane, current governor of the Central Bank of Ireland, has been proposed this Monday for the post he will release on May 31 at the Executive Council of the European Central Bank (ECB) the Belgian-German Peter Praet, chief economist of the issuing institute, as announced by the Minister of Finance, Public Expenditure and Reform of Ireland, Paschal Donohoe.

"I have the satisfaction of nominating Governor Lane to the Executive Board of the ECB," said Donohoe, noting that the Irish banker is an eminent economist, who enjoys high prestige in Europe and is well prepared to play a leading role in development. and supervision of monetary policy in the eurozone. "We will support Philip in his efforts to get this job," he added.

Upon arrival at the meeting of finance ministers in Brussels, Donohoe defended his compatriot's candidacy to the ECB board, noting that Lane "has done an exceptional job leading the Irish Central Bank during the current phase of economic stability in Ireland and has demonstrated his credentials as a leading central banker, playing an important role in many European institutions, where he has been involved in many projects on central banks and different policies ".

"Professor Lane's outstanding economic, financial and political record makes him an ideal candidate for a seat on the Executive Board of the ECB," said the Irish minister.

The finance ministers of the euro zone plan to agree on the name of a candidate for the post that will be free in the ECB's board at its meeting on 11 February so that a day after Ecofin adopts a formal recommendation to the European Council .

The Irish Ministry of Finance has emphasized that Philip Lane currently holds the chairmanship of the Technical Advisory Committee of the European Systemic Risk Board (ESRB), as well as his previous appointment as chairman of the High Level Working Group on Secure Assets and the Presidency of the Scientific Advisory Committee, which demonstrate their consideration at European level.

With the nomination of Philip Lane to the post that Peter Praet will vacate in the ECB board, Ireland is again trying to obtain a position in the executive branch of the euro zone central bank, after a first attempt last year, when the governor of Central Bank of Ireland was the only rival of the Spanish Luis de Guindos for the position of vice president of the ECB.

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