merrion street

At today’s meeting of Eurogroup Finance Ministers in Brussels (Monday), the Minister for Finance and Public Expenditure & Reform, Paschal Donohoe, confirmed his decision to facilitate the election of a new Vice-President of the ECB by consensus.

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’. 

“In contacts with my Finance Minister colleagues in advance of today’s 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.

“However, 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. 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’s candidacy in advance of any vote.

“I wish to congratulate my Spanish colleague, Luis de Guindos, who has an excellent track record as Spanish Finance Minister, which I know will serve him well in the new position. 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”.