Central Bank of Ireland Governor Philip Lane is the sole candidate to replace Peter Praet as the European Central Bank’s chief economist.
The 49-year-old, Harward-educated Lane took the helm of Ireland’s financial service regulator in 2015, immediately after the country’s 2011-2014 bailout programme came to an end. Since then, he has presided over the fastest growing economy in the Eurozone. Lane will now be responsible for drafting and documenting the European Central Bank’s monetary policy decisions, which are said to be aligned with the bank’s current president, Mario Draghi.
Lane’s confirmation by the Eurogroup on February 11 is expected to be a mere formality before his formal appointment at the EU leaders’ summit on March 22.
This a major transition period for the European Central Bank, or ECB, as Draghi’s term ends in October along with a third of the 25-member Governing Council that includes six ECB board members and 19 governors of the Eurozone’s national central banks.
In addition to the major turnover at the ECB, the national central bank governors of Belgium, Austria, Estonia, Slovakia and Cyprus are all expected to be replaced later this year.