Photo: AFPIrish central bank chief Philip Lane pulled out of the race for the vice-presidency of the European Central Bank on Monday, leaving favourite Spanish Economy Minister Luis De Guindos the only candidate. The ministers "will make a decision tonight that will be in the best interest of the functioning and success of the European Central Bank," he added. De Guindos defended his candidacy, saying he was the longest-serving member of the Eurogroup, which groups eurozone finance ministers. He has served as economy minister since Prime Minister Mariano Rajoy's conservative government came to power in 2011. As economy minister he oversaw the clean-up of Spain's banking industry that collapsed after a housing boom imploded during the worst of the eurozone debt crisis.

Source: The Local February 19, 2018 14:48 UTC