Statement by the Eurogroup President on the nominations for the post of ECB executive board member

30 January 2019

Mário Centeno said that the call for candidates to replace European Central Bank Executive Board member Peter Praet, whose term ends on 31 May, is now closed.

I have received one name. Ireland proposed the Central Bank of Ireland Governor, Philip Lane.

I look forward to our discussion at the next Eurogroup on 11 February, which will pave the way for a formal recommendation to the European Council. In line with the selection process established in the EU Treaty, the ECB and the European Parliament will be consulted before a final decision is taken by the European Council.

Background on process

Eurogroup meeting of 11 February will consider and discuss the applications. On the following day, the Ecofin Council, by reinforced qualified majority voting of the euro area members, will formally adopt a recommendation to the European Council.

Such majority requires 72% of euro area members in favour (i.e., at least 14 out of the 19), representing at least 65% of the population of the euro area.

On 21/22 March, after consulting with the ECB and European Parliament, the European Council will take a final decision.

Full statement


© European Council