The Economic and Monetary Affairs Committee has today approved the appointment of Philip Lane to the executive board of the European Central Bank. 

Phillip Lane's apppointment was adopted by 33 to eight votes with six abstentions. 

The committee also approved the appointment of José Manuel Campa of Spain as Chair of the European Banking Authority and the appointment of Italy's Sebastiano Laviola as a new member of the Single Resolution Board.

The votes of the committee will need to be confirmed by a plenary vote in March. 

The Council of the EU will then have the final word on the appointment of Professor Lane and other candidates to the various posts. 

Earlier, Philip Lane took a relaxed view of Europe's economic slowdown today, playing down its implication for monetary policy.

Central Bank chief Philip Lane is the sole candidate to replace Peter Praet as the ECB's chief economist from June.

Professor Lane argued today that a string on weak figures implied only modest revision in projections, all within the limits of the current policy strategy. 

"I think it's also fair to say that all of this is in the neighbourhood of reasonably small adjustments to the forecasts," Mr Lane said in a confirmation hearing at the European Parliament's Committee on Economic and Monetary Affairs in Brussels. 

"I think the current strategy can cater to limited downside revisions," Professor Lane said. "The forward guidance can accommodate revisions to the projections." 

With half of the ECB's board and over a third of its Governing Council being replaced during 2019, the ECB is undergoing its biggest change in years and Philip Lane, tasked with preparing policy decisions, is a vital part of that. 

Considered a dove much like his predecessor, his appointment is unlikely to alter the bank's course significantly. 

The appointment of Mario Draghi's successor as bank president late in the year is likely to herald a greater shift. 

The ECB next meets on March 7 and is all but certain to slash growth and inflation forecasts after growth in Germany, the bloc's biggest economy, stalled, and Italy went into recession. 

But it is not yet expected to change its guidance that rates would stay steady at least through the summer. 

"Clearly the market is expecting the downward revisions in data to mean a slower path of normalisation," Professor Lane said. "The current strategy can deal with that." 

Adding some optimism to his remarks, he said that employment and wage pressures continued to build, suggesting that inflation will rebound after years of undershooting the ECB's target. 

"We remain confident that the underlying mechanisms that would lead to improving inflation performance over time are still active," he added.