Philip Lane, the governor of the Central Bank of Ireland, has received support from the finance ministers of the eurozone to become the new chief economist of the European Central Bank.
Lane was the only candidate that was proposed for the job and his position will be confirmed by the leaders of the European Union at a meeting that is scheduled to be held next month.
Lane is 49 years old. He will be taking the place of Peter Praet, a former director of the Belgian National Bank whose term ends on the 31st of May. He will serve a non-renewable eight-year term from the 1st of June.
In a statement that was released by the Eurogroup this afternoon, it disclosed: “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.”
Lane has served as the governor of the Central Bank of Ireland since November 2015. He was recognised for overseeing solid growth in the economy of Ireland after an EU bailout between the period of 2011 to 2014 that helped the nation overcome its worst financial crisis since World War II. He was previously a member of the academic staff at Trinity College Dublin.
He has also served as the Advisory Scientific Committee of the European Systemic Risk Board and was the director of the International Macroeconomics and Finance Programme at the Centre for Economic Policy Research.
He is considered to be a dove who is closely aligned with Mario Draghi, the President of the ECB. Lane will be responsible for the preparation of monetary policy decisions, one of the most important positions at the bank.
Lane’s appointment will come at a critical moment for the ECB, when the plans of the bank for its first post-crisis rate increase are complicated by an unexpectedly sharp slowdown in the economy of the eurozone and persistently weak inflation.