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The European Council today appointed Mr Philip R. Lane as a member of the Executive Board of the European Central Bank for a non-renewable term of 8 years.
The appointment of Mr Lane will enter into effect on 1 June 2019. He will replace Peter Praet who has held this position since 1 June 2011 and will leave office on 31 May 2019.
The recommendation to the European Council was adopted by the Economic and Financial Affairs Council on 12 February 2019, a day after the Eurogroup gave its support to the candidacy. The European Parliament delivered its recommendation on the appointment on 14 March 2019 and the Governing Council of the European Central Bank on 6 March 2019.
Background:
Article 283(2) of the Treaty on the Functioning of the European Union specifies that appointments to the ECB executive board are made "by the European Council, acting by a qualified majority, from among persons of recognised standing and professional experience in monetary or banking matters, on a recommendation from the Council, after it has consulted the European Parliament and the Governing Council of the European Central Bank."
The ECB executive board is responsible for implementation of eurozone 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 eurozone member states.
