At the 21 January Eurogroup, I asked euro area members to submit nominations of candidates to replace European Central Bank Executive Board member Peter Praet, whose term ends on 31 May. The call for candidates closed today.
I have received one name. Ireland proposed the Central Bank of Ireland Governor, Philip Lane.
I look forward to our discussion at the next Eurogroup on 11 February, which will pave the way for a formal recommendation to the European Council. In line with the selection process established in the EU Treaty, the ECB and the European Parliament will be consulted before a final decision is taken by the European Council.
Background on process
Eurogroup meeting of 11 February will consider and discuss the applications. On the following day, the Ecofin Council, by reinforced qualified majority voting of the euro area members, will formally adopt a recommendation to the European Council.
Such majority requires 72% of euro area members in favour (i.e., at least 14 out of the 19), representing at least 65% of the population of the euro area.
On 21/22 March, after consulting with the ECB and European Parliament, the European Council will take a final decision.