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Ireland nominates top banker for key ECB job

January 21, 2019

FRANKFURT, Germany (AP) — Ireland has nominated the head of its national central bank, Philip Lane, for one of the top spots at the Frankfurt-based European Central Bank, which sets monetary policy for the 19-country eurozone and its 340 million people.

Finance Minister Paschal Donohoe put Lane forward Monday for the spot on the ECB’s six-member executive board that is currently held by Belgium’s Peter Praet, whose eight-year term expires May 31.

Lane has been mentioned prominently in media speculation about who will take over Praet’s responsibilities as the powerful economics chief, responsible for proposing monetary policy moves to the 25-member rate-setting council. It’s not automatic, however, for Praet’s replacement to be assigned the same duties by the bank’s president. Eurozone leaders will decide on the post in coming weeks.

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