The ECB has asked EU leaders to begin selecting a successor to chief economist Philip Lane, and the ECB Executive Council has begun a competition for another position. A spokesman for the European Council President said, “I can confirm that President Antonio Costa has received a letter from President Lagarde requesting that formal procedures be initiated to appoint Philip Lane's successor as a new member of the ECB Executive Council.” The President of the European Council presided over a summit of EU heads of government. European governments are already preparing a package of personnel deals. Lagarde announced this week that he will leave office in February. Nearly nine months until his term expires, the European Union is scheduled to hold a summit in Brussels from November 26 to 27 to discuss his successor.

The ECB has asked EU leaders to begin selecting a successor to chief economist Philip Lane, and the ECB Executive Council has begun a competition for another position. A spokesman for the European Council President said, “I can confirm that President Antonio Costa has received a letter from President Lagarde requesting that formal procedures be initiated to appoint Philip Lane's successor as a new member of the ECB Executive Council.” The President of the European Council presided over a summit of EU heads of government. European governments are already preparing a package of personnel deals. Lagarde announced this week that he will leave office in February. Nearly nine months until his term expires, the European Union is scheduled to hold a summit in Brussels from November 26 to 27 to discuss his successor.