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new member of executive board will replace Peter Praet and will serve nonrenewable 8year term as of 1 June statement said The new member of the executive board will replace Peter Praet and will serve a nonrenewable 8year term as of 1 June the statement said NeutralBRUSSELS Euro zone finance ministers nominated Irelands central bank governor Philip Lane on Monday to be the next chief economist of the European Central Bank after the term of Belgiums Peter Praet ends on May 31 the ministers said in a statement http://www.reuters.com/subjects/euro-zonehttps://www.reuters.com/article/us-eurozone-eurogroup-ecb/euro-zone-ministers-approve-lane-as-next-ecb-chief-economist-idUSKCN1Q01Q62019-02-12