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Ireland has appointed New Zealand's chief financial officer as the next governor of its central bank.
Gabriel Makhlouf succeeds Philip Lane, who moves to Frankfurt to join the executive board of the European Central Bank as Chief Economist.
Paschal Donohoe, Minister of Finance, confirmed the appointment of Makhlouf to the Central Bank of Ireland, which was approved by the Irish government on Wednesday. Mr. Makhlouf was not among the nominees nominated by the local media.
Gabriel has demonstrated his extensive and detailed knowledge of the economy, financial markets, monetary policy and tax policy, and has the experience of leading a large and complex public service organization of 10,000 people, "said the minister.
Mr. Makhlouf is Director General of the Treasury of New Zealand and Chief Economic Advisor to the Government of New Zealand. Previously, he chaired the OECD's Tax Affairs Committee, the world's leading tax regulator, a priority area for Ireland given the reform of the global corporate tax system. He was also responsible for the UK banking service.
In addition to his duties in Dublin, Mr Makhlouf will be a member of the Governing Council of the ECB, which sets interest rates for the euro area.
Ireland has rebounded since the financial crisis that began more than 10 years ago, but when Mr Makhlouf takes the reins of the central bank, the economy is highly exposed to the consequences of the disordered process of the planned departure of the United Kingdom of the EU.
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