{"id":672948,"date":"2026-11-02T19:34:09","date_gmt":"2026-11-02T19:34:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/672948\/"},"modified":"2026-11-02T19:34:09","modified_gmt":"2026-11-02T19:34:09","slug":"makhlouf-says-philip-lane-would-be-great-candidate-to-succeed-lagarde-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/672948\/","title":{"rendered":"Makhlouf says Philip Lane would be \u2018great\u2019 candidate to succeed Lagarde \u2013 The Irish Times"},"content":{"rendered":"

Central Bank of Ireland<\/a> governor Gabriel Makhlouf<\/a> said he believes European Central Bank<\/a> (ECB) chief economist Philip Lane<\/a> would be a \u201cgreat\u201d candidate to succeed Christine Lagarde<\/a> as president of the ECB.<\/p>\n

\u201cI think Philip would be great but I don\u2019t know whether legally doing a further term on the executive board is possible,\u201d he said.<\/p>\n

Lane\u2019s term as chief economist expires in May. <\/p>\n

\u201cIreland should support the best candidate,\u201d Makhlouf told reporters at a finance conference in Croke Park on Monday.<\/p>\n

Lagarde announced last week she intended to leave her post next February<\/a>, nine months before her term ends, triggering a succession race with former Dutch and Spanish central bank governors Klaas Knot and Pablo Hern\u00e1ndez de Cos seen as the front-runners.<\/p>\n

Lagarde\u2019s decision to step down early came as ECB policymakers held interest rates steady despite the pickup in headline inflation from higher energy prices.<\/p>\n

Makhlouf said he \u201cseriously considered\u201d supporting a rate hike but decided based on the evidence \u201cholding was the right thing\u201d.<\/p>\n

\u201cI made that decision for last week based on what I saw in the numbers last week,\u201d he said.<\/p>\n

\u201cWe live in very, very uncertain times, exceptionally uncertain times, and we have got to keep a very close eye on the evidence in the data.\u201d <\/p>\n

[\u00a0Key candidates to replace ECB president Christine LagardeOpens in new window<\/a>\u00a0]<\/p>\n

With markets predicting another quarter-point ECB rate increase in December, Makhlouf reiterated the bank\u2019s mantra that decisions would be made on a meeting-by-meeting basis, based on the data.<\/p>\n

The impact of US midterm elections on global financial stability was difficult to predict, he said, and would depend on the outcome of the elections.<\/p>\n

In his address to the conference, Makhlouf warned an equity price correction relating to supercharged AI valuations would not be a \u201csurprise\u201d.<\/p>\n

\u201cThe US is where the market correction would start,\u201d he said. \u201cThe important thing for us is to really understand the transmission channels that would transmit whatever shock happened in the US.\u201d <\/p>\n

Makhlouf also said the Government should be saving more of Ireland\u2019s corporate tax windfall in its two wealth funds. \u201cPutting more into them would be a good thing,\u201d he said.<\/p>\n

\u201cWhat the funds have been set up for are the cost of transitions that are definitely coming; they are not speculative. Demographic change and climate change are definitely going to impact the economy.\u201d <\/p>\n

[\u00a0Why are interest rates so high \u2013 and how exposed is Ireland?Opens in new window<\/a>\u00a0]<\/p>\n

The Irish Fiscal Advisory Council has warned the Government is planning to spend up to 90 per cent of expected receipts from corporate tax over the next five years.<\/p>\n

Makhlouf said using this revenue to support current spending was risky given the concentration risk.<\/p>\n

About half of last year\u2019s \u20ac33 billion corporate tax haul came from just three companies. <\/p>\n","protected":false},"excerpt":{"rendered":"Central Bank of Ireland governor Gabriel Makhlouf said he believes European Central Bank (ECB) chief economist Philip Lane…\n","protected":false},"author":2,"featured_media":672949,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,20927,14724,12965,28228,61,60,26698],"class_list":["post-672948","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-central-bank-of-ireland","tag-christine-lagarde","tag-european-central-bank-ecb","tag-gabriel-makhlouf","tag-ie","tag-ireland","tag-philip-lane"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/672948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=672948"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/672948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/672949"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=672948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=672948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=672948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}