(Bloomberg) -- Irish Finance Minister Paschal Donohoe will nominate the nation's central bank Governor Philip Lane for one of the European Central Bank's top posts, setting the stage for a contest with Spain.
Euro-area finance ministers are collecting nominations for the ECB vice presidency, opening up an opportunity for Ireland's bid as the only founding member of the currency bloc that has never had a seat on the central bank's Executive Board.
A former economics professor, Lane is an “eminently qualified candidate,” Donohoe told reporters in Dublin on Tuesday. “It'll be a tough contest.”
Donohoe said while he'd had indications of support from other nations, most will wait for all candidates to be nominated before making a final decision. Two-thirds of the ECB's top officials will be replaced over the next two years, starting with Vice President Vitor Constancio's departure in May. Spain has already made its case to regain the board seat it lost six years ago, with the nation's Economy Minister Luis de Guindos likely to be that government's candidate.
Next Big ECB Job Is De Guindos's to Lose as Spain Seeks Return
Privately, Irish officials accept it'll be an uphill struggle to secure the role for Lane, but maintain that even if defeated this time, nominating a candidate now is part of staking a claim for future roles.
Lane, 48, heads up the European Systemic Risk Board's task force on safe assets. He received a PhD in economics from Harvard University in 1995 and was assistant professor of economics and international affairs at Columbia University from 1995 to 1997 before returning to the Irish capital.
Euro-area governments have to submit their candidates by Feb. 7 and finance ministers are due to decide on Feb. 19. Ministers will vote on the basis of qualified majority to nominate a candidate, who is then subject to a hearing of the European Parliament.
To contact the reporters on this story: Dara Doyle in Dublin at ddoyle1@bloomberg.net, Peter Flanagan in Dublin at pflanagan23@bloomberg.net.
To contact the editors responsible for this story: Vidya Root at vroot@bloomberg.net, Kevin Costelloe, Zoe Schneeweiss
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