Euro Zone Ministers Approve Lane As Next ECB Chief Economist

www.oann.com | 11/8/2018 | Staff
tiazanne (Posted by) Level 3
BRUSSELS (Reuters) – Euro zone finance ministers nominated Ireland’s central bank governor Philip Lane on Monday to be the next chief economist of the European Central Bank after the term of Belgium’s Peter Praet ends on May 31, the ministers said in a statement.

“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.

Lane - Ireland - Bank - Growth - Economy

Lane, 49, 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.

Member - Executive - Board - Peter - Praet

“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.

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