The Eurogroup has until Wednesday, October 28, to present candidacies to replace Isabel Schnabel on the executive board of the European Central Bank. The formal list of profiles will be voted on at the November meeting.
The European Central Bank (ECB) faces an autumn of changes. According to 20minutos, next Wednesday, October 28, is the deadline set by the eurozone finance ministers, gathered in the Eurogroup, to present candidates to replace Isabel Schnabel on the executive board of the institution. The aim is to have a formal list of profiles for the election scheduled for the November meeting.
Schnabel will leave her position on January 3 to join the International Monetary Fund (IMF) as a financial advisor and director of the Monetary and Capital Markets area. Her term was set to end in late 2027. After the election in the Eurogroup, the name will go to the EU Council, the ECB itself, and the European Parliament.
The early departure also reignites the competition for the presidency, currently held by Christine Lagarde. The Frenchwoman could leave the position early to chair the World Economic Forum in the coming weeks. Additionally, the chief economist of the institution, Philip Lane, will leave his post in 2027.
Among the names being mentioned for Schnabel's position are Fritzi Köhler Geib, a board member of the Bundesbank, Sabine Mauderer, and Ulrike Malmendier, all of whom are German nationals. From France, Agnès Bénassy-Quéré, vice-governor of the Bank of France, and Laurence Boon, chief economist of the OECD, are in the running.
Competing for the presidency is the Spaniard Pablo Hernández de Cos, former governor of the Bank of Spain and general director of the Bank for International Settlements (BIS), who has the backing of the Government. His main rival is the Dutchman Klaas Knot, known for a more restrictive view of monetary policy. Spain has never held the presidency of the ECB.
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