{"id":646,"date":"2018-02-20T08:02:26","date_gmt":"2018-02-20T13:02:26","guid":{"rendered":"http:\/\/irishexaminerusa.com\/wp\/?p=646"},"modified":"2018-02-20T08:02:26","modified_gmt":"2018-02-20T13:02:26","slug":"philip-lanes-ecb-nomination-withdrawn-by-government","status":"publish","type":"post","link":"https:\/\/irishexaminerusa.com\/wp\/?p=646","title":{"rendered":"Philip Lane’s ECB Nomination withdrawn by Government"},"content":{"rendered":"

\"\"The Government has withdrawn its nomination of the Governor of the Central Bank, Philip Lane, for the role of Vice-President of the European Central Bank.<\/p>\n

Last month, the Government had announced that it would be lobbying to ensure Mr Lane’s appointment as vice-President of the ECB.<\/p>\n

However, the Minister for Finance, Paschal Donohoe, has today announced that they are now withdrawing his nomination.<\/p>\n

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”.<\/p>\n

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\u2019.<\/p>\n

\u201cIn contacts with my Finance Minister colleagues in advance of today\u2019s 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.<\/p>\n

\u201cHowever, 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.<\/p>\n

“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\u2019s candidacy in advance of any vote.”<\/p>\n

He went on to congratulate Spanish Finance Minister, Luis de Guindos, on taking up the job.<\/p>\n

Mr Donohoe said Mr de Guindos “has an excellent track record, which I know will serve him well in the new position”.<\/p>\n

“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.\u201d<\/p>\n

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