The European Parliament moved on Thursday to back Irish Central Bank governor Philip Lane to join the European Central Bank's (ECB) executive board.

It follows on from European finance ministers last month endorsing the nomination of Prof Lane to become the Republic's first member of the executive board, as he emerged as the uncontested nominee to succeed the ECB's chief economist, Peter Praet, who steps down in May.

The nod from the parliament sets the stage for the European Council of EU leaders to agree the appointment of Prof Lane for a non-renewable eight-year term as it meets next week.

Chief economist

While Prof Praet's successor does not automatically become the institution's next chief economist, Prof Lane is widely seen as well-positioned to take on the role. From June, he will be the only member of the executive board holding a doctorate in economics – which he secured at Harvard – aside from ECB president Mario Draghi.