ECB Launches Schnabel Successor Search in Pre-Lagarde Era Power Play

The European Central Bank (ECB) has initiated the process of finding a successor to Isabel Schnabel, one of its Executive Board members. This move is seen as the first step towards the post-Lagarde era, as Christine Lagarde's tenure as ECB President may be coming to an end.

A letter from President Lagarde was sent to Antonio Costa, the European Council chief, requesting the formal procedure for appointing a new member of the ECB Executive Board. This process is likely to involve package deals over other jobs, including Lagarde's own position as President.