ECB Seeks Schnabel Successor Amid Leadership Overhaul
The European Central Bank (ECB) has initiated the process of finding a successor to Isabel Schnabel, who announced her departure from the ECB almost one year before her term ends to take a senior job at the International Monetary Fund. According to an EU official, the request was made to launch the process without delay.
The onus now shifts to the Eurogroup, led by Greece's Kyriakos Pierrakakis, to discuss the issue as soon as its October 8 meeting in Luxembourg. The result of such discussions could be a call for candidates to fill the role. Euro-area finance ministers invite nominations and discuss candidates before recommending their preferred choice.
The European Parliament and the ECB's governing council will also get to weigh in, while EU leaders make the final appointment. Given Schnabel's position will be vacant as of early January, a decision by the final summit of the year in December is plausible.