Schnabel to step down from ECB for senior IMF role in January 2027
European Central Bank Executive Board member Isabel Schnabel will resign on January 3, 2027, to become Financial Counsellor and Director of the Monetary and Capital Markets Department at the International Monetary Fund.
From Frankfurt to Washington
Isabel Schnabel has informed European Central Bank President Christine Lagarde of her decision to step down from the Executive Board and the Governing Council on January 3, 2027.
International Monetary Fund Managing Director Kristalina Georgieva announced her intention to appoint Schnabel as the Fund's Financial Counsellor and Director of the Monetary and Capital Markets Department, effective January 4, 2027.
Following an opinion from the ECB Ethics Committee, the Governing Council confirmed that no cooling-off period is required.
Schnabel will remain in her current post until the transition while recusing herself from any IMF-related matters.
Treaty rules guide succession
A successor will be appointed by the European Council under the Treaty on the Functioning of the European Union after consulting the European Parliament and the ECB Governing Council.
Her portfolio may be temporarily shared among board members.
Lagarde commended her seven years of service: “Isabel has played a key role in the ECB's determination to stabilise inflation at our 2% medium-term target and has contributed enormously to the modernisation of the ECB's operations.”
A major voice departs Frankfurt
Schnabel's departure removes one of the most influential and credible communicators from the ECB Executive Board.
Her direct move to the IMF without a cooling-off period highlights her standing in international financial architecture.
The vacancy will inevitably spark political bargaining among euro area capitals for the open seat.