Ireland’s Philip Lane will likely be taking over as European Central Bank head as fears of a eurozone slowdown are intensifying (Daniel ROLAND)

Brussels (AFP) – The governor of the Irish central bank, Philip Lane, is the only candidate to take over the highly influential role of chief economist of the ECB, a Eurogroup statement said Wednesday.

Barring a major upset, Lane, who holds a PhD in economics, will take over from Belgian Peter Praet on May 31.

Mario Centeno, the head of the Eurogroup, said eurozone finance ministers will discuss the candidacy on February 11 in Brussels, where they are widely expected to endorse Lane.

Lane, 49, will hold a key role in deciding monetary policy alongside ECB chief Mario Draghi just as fears of a slowdown in the eurozone are intensifying.

The slowdown comes at an especially tricky time for the ECB, which under pressure by Germany is on course to pull out of a massive stimulus programme despite an increasingly uncertain economic outlook, in part linked to Brexit.

The choice is the first in a series of important nominations at the ECB, with Draghi ending an eight year run as bank chief in October.

Executive board member Benoit Coeure is also set to step down at the end of the year and is one of several names rumoured to be in the running to replace Draghi.

Ireland is the only country among the 11 founding members of the eurozone that has never held a seat on the ECB’s Executive Board.

Lane last year ran to take a seat on the board of the ECB, but pulled out in favour of then Spanish finance minister Luis de Guindos.

EU leaders will officially fill the post at an EU summit on March 20 and 21, after consultations with European Parliament.

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