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The ECB executive board is responsible for implementation of euro area monetary policy, as laid down by the ECB governing council. It is composed of the President, the Vice President and four other members, all appointed for non-renewable eight-year terms. The governing council is composed of the six executive board members and the governors of the national central banks of the euro area member states.
Philip Lane currently serves as the governor of the Central Bank of Ireland.
The recommendation to the European Council, composed of the heads of state and government, should be formally adopted by the Council on 12 February. On this basis, the European Council will consult both the European Parliament and the Governing Council of the ECB. It is then expected to adopt its final decision at its meeting of 22-23 March.
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.