The executive board member of the ECB, Isabel Schnabel, will leave her position on January 3, 2027, to join the IMF as a financial advisor and head of the Monetary Markets and Capital department. The ECB does not require a cooling-off period.
The executive board member of the European Central Bank (ECB), Isabel Schnabel, has informed President Christine Lagarde that she will leave her position on January 3, 2027, as reported by the ECB itself. This departure is to take on a new role at the International Monetary Fund (IMF).
The managing director of the IMF, Kristalina Georgieva, has announced her intention to appoint Schnabel as a financial advisor to the organisation and head of the Monetary Markets and Capital department, effective January 4, 2027. Until that date, Schnabel will maintain her current position at the ECB and continue to fulfil her responsibilities, as stated in the note published by ecb.europa.eu.
The Governing Council of the ECB, following the opinion of its Ethics Committee, has decided that a cooling-off period is not necessary for Schnabel. During her remaining time at the institution, the board member will not participate in any matters related to the IMF.
The successor will be appointed by the European Council, in accordance with the procedure set out in the Treaty on the Functioning of the European Union. If necessary, Schnabel's responsibilities on the Executive Board will be temporarily distributed among the other members following her departure.
“Isabel has played a key role in the ECB's determination to stabilise inflation at our medium-term target of 2% and has greatly contributed to modernising the ECB's operations to face the challenges of the 21st century,” noted Lagarde.
The ECB president also thanked Schnabel for her work over the past seven years: “Her commitment to public service has been invaluable to our institution and to the people we serve in Europe.”
Members of the Executive Board are appointed by the European Council by qualified majority, after consultation with the European Parliament and the Governing Council of the ECB. Schnabel's departure will take effect on January 3, 2027, one day before she assumes her new position in Washington.
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