The Government has withdrawn its nomination of the Governor of the Central Bank, Philip Lane, for the role of Vice-President of the European Central Bank.
Last month, the Government had announced that it would be lobbying to ensure Mr Lane’s appointment as vice-President of the ECB.
However, the Minister for Finance, Paschal Donohoe, has today announced that they are now withdrawing his nomination.
The Minister was at a meeting of Eurogroup Finance Ministers in Brussels today where he confirmed his decision to elect a new Vice-President of the ECB “by consensus”.
Speaking from Brussels, Minister Donohoe said: “I was very pleased to nominate the Governor of our Central Bank, Professor Philip Lane, earlier this month for the position of ECB Vice-President. I believe Professor Lane is an exceptionally well-qualified candidate who would make an ideal person to serve on the Executive Board of the European Central Bank’.
“In contacts with my Finance Minister colleagues in advance of today’s meeting, I received very positive feedback and expressions of support in relation to the candidacy from many Member States who acknowledged how well-qualified Philip would be for the position.
“However, I believe that it is crucial that the election of a new Vice-President for the ECB is based on consensus, and should not be a source for any disagreement.
“In that context, I have decided that, on balance, it would be in the interests of the Euro-area as a whole to withdraw Philip’s candidacy in advance of any vote.”
He went on to congratulate Spanish Finance Minister, Luis de Guindos, on taking up the job.
Mr Donohoe said Mr de Guindos “has an excellent track record, which I know will serve him well in the new position”.
“I want to wish him every success in his future new role. I also wish to reiterate my appreciation to Professor Philip Lane for putting himself forward as a candidate, whose ability and expertise was widely praised throughout the process.”