Lane gets nod for ECB post

CENTRAL Bank governor Philip Lane has been formally nominated by eurozone finance ministers to be the next ECB chief economist.

His appointment is due to be confirmed at an EU summit in March.

His impending elevation comes with current ECB chief economist Peter Praet due to leave at the end of May.

Prof Lane, the only candidate put forward to replace Mr Praet, will have an important role in managing the sluggish eurozone economy when he takes up his new job.

Prof Lane’s departure will create a race to replace him at the Central Bank.

Deputy governor Sharon Donnery and Department of Public Expenditure and Reform secretary general Robert Watt, who was pipped by Prof Lane to the post the last time out, could be among the contenders to replace him.