Philip Lane, Ireland’s central bank governor, has got a new job at the European Central Bank. Euro zone finance ministers on February 11 nominated him for the post of chief economist.
“The Eurogroup today gave its support to the candidacy of Philip Lane to become a new member of the European Central Bank’s executive board,” the statement said.
As reported by the Reuters news agency, 49-year-old Lane, has led Ireland’s central bank since 2015, overseeing solid growth in the Irish economy after an EU bailout in 2011-2014 that helped the country overcome its worst financial crisis since World War Two.
He was the only candidate for the job and will be formally confirmed by EU leaders at their summit on March 22-23.
“The new member of the executive board will replace Peter Praet and will serve a non-renewable 8-year term, as of 1 June 2019,” the statement said.