EU Debates ECB Board Post as Irish Candidate Goes on Tour

(Bloomberg) -- Philip Lane has received support for joining the European Central Bank in one of its most influential positions.

The 49-year-old head of the Irish central bank is the only candidate to replace ECB Chief Economist Peter Praet. Euro-area finance ministers discussed his nomination on Monday, and will formally adopt a recommendation to European leaders on Tuesday. That day, Lane will address a closed luncheon at the Hong Kong stock exchange, before returning to his native Dublin on Wednesday for a European Financial Forum event organized by the Financial Times.

The Harvard-trained economist is no stranger to the realm of global finance, regularly attending events such as the International Monetary Fund meetings. But since he emerged as a candidate for promotion, Lane has gradually raised his number of public appearances -- especially across Europe -- according to a tally provided to Bloomberg by his central bank. In 2018 he delivered 20 official public speeches in at least seven
different countries.

During Tuesday’s meeting of finance ministers, Lane will need the support of at least 14 of the currency bloc’s 19 member states representing at least 65 percent of region’s population.

Governments will then make the final appointment when EU leaders gather in Brussels for a summit in March, after consultations with the European Parliament and the Governing Council of the ECB.

Praet’s eight-year term on the Executive Board in Frankfurt ends on May 31. Lane will be Ireland’s first representative on the board.

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