Philip Lane has been formally appointed to a senior role at the European Central Bank.

The governor of the Irish Central Bank has been appointed to the ECB's executive board and its new chief economist at the start of June. He will succeed outgoing chief economist Peter Praet and will serve a non-renewable term of eight years.

Mr Lane had long been tipped for the position and was the sole nominee in January.

In the past two months his candidacy has been approved by European finance ministers, the European Parliament and – today – the European Council.

Minister for Finance Pascal Donohoe welcomed the appointment and said Mr Lane had "made an important contribution over the last four years as Governor of the [Irish] Central Bank.

"This is an important and prestigious position. I am confident that Philip will excel in his new role at the ECB, and I wish him every success."