MNI SOURCES: Ireland's Lane Set For ECB Economist Nomination

--As Nomination Deadline Looms, Ireland's Lane May Be Unopposed For Econ Role

By David Thomas

     BRUSSELS (MNI) - Central Bank of Ireland Governor Philip Lane looks set to

clinch the nomination to become the next European Central Bank Chief Economist

later on Wednesday, appearing to be unopposed as the deadline looms for formal

applications to replace the outgoing Peter Praet, sources told MNI.

     With applications for Praet's position on the Executive Board due to close

at 1700CET Wednesday, officials said it seemed no other candidates would be

forthcoming.

     One Eurosystem source indicated to MNI that Lane looks unlikely to face a

rival, with another adding the "outstanding candidate for the role" was set for

an early nomination.

     An EU official close to the process also suggested Lane would have a clear

run at the job, although with the caveat: "That's my understanding too, but who

knows?"

     An announcement by the EU Council is anticipated at around 1800 CET

tonight.

     --LEADING ECONOMIST

     Lane, a highly respected academic macro-economist, has been governor of the

Central Bank of Ireland since 2015. He would be expected to continue the highly

gradualist approach to policy normalisation promoted by Praet and ECB President

Mario Draghi.

     He has long been favoured for the coming Executive Board vacancy,

especially since CBI Deputy Governor Sharon Donnery lost the race to become head

of the ECB's Single Supervisory Mechanism to Italy's Andrea Enria last autumn.

     The next steps in the appointment procedure are a hearing in the European

Parliament, approval by the Eurogroup and final confirmation by EU leaders.

Praet steps down on May 31.

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com

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