Philip Lane withdrawn from race to become European Central Bank vice president

"We had a brief exchange of views in the Eurogroup, and I am glad to report that it was a unanimous decision.I would like to congratulate Luis, " said Centeno in a news conference after a regular meeting of the eurozone finance ministers.

The Government has withdrawn its nomination of the Governor of the Central Bank, Philip Lane, for the role of Vice-President of the European Central Bank. ECB Chief Economist Peter Praet's mandate runs until May 31, 2019, while ECB President Mario Draghi is due to leave office on October 31, 2019.

SPAIN'S finance minister, Luis de Guindos, will be the next vice-president of the European Central Bank (ECB) after the other candidate, Bank of Ireland governor Philip Lane, stepped aside. This could influence the bank's ultra-loose monetary policy for the 19-country common currency area.

Before entering the government, De Guindos led the Iberian unit of Lehman Brothers between 2006 and 2008 before the investment bank collapsed.

"I have been a minister, but to be a minister is something that does not limit the defence that I make on the independence of the European Central Bank".


De Guindos, who will step down as minister if confirmed, stressed earlier this month that he has always defended the independence of the European Central Bank and "would continue to do it if I am selected".

However, the Minister for Finance, Paschal Donohoe, has today announced that they are now withdrawing his nomination.

Spain is therefore poised to return to the ECB's executive board after a six year-absence.

"It looks like that is the case", one eurozone official said.

The "big jobs" include the head of the European Commission, the chairman of EU leaders and the head of the European Parliament - all of which will come up for replacement in 2019.


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