EZB: Euro-Staaten müssen bis Monatsende Schnabel-Nachfolge nominieren

Eurozone states have been instructed to submit nominations for the successor to outgoing ECB Governor Isabel Schnabel by the end of this month. Group Chair Kyriakos Pierrakakis requested the 21 Eurozone countries to nominate candidates for the German position by October 28th. Schnabel is stepping down early in 2027 to join the International Monetary Fund (IMF).

The change will take effect on January 3rd, 2027, with Schnabel taking over the leadership of the Monetary and Capital Markets Department at the IMF on January 4th. ECB directors are appointed by Eurozone heads of state, usually individually, but the roles of ECB President and Chief Economist will also be renewed in 2027, suggesting a package deal is likely.

ECB Chief Economist Philip Lane's term ends on May 31st, 2027, and Lagarde's mandate expires on October 31st, 2027. However, persistent rumors suggest Lagarde might resign prematurely. Berlin remains silent. Favorites for the successor include Spanish Pablo Hernandez de Cos, Director-General of the International Monetary and Financial Committee (IMFC), and Klaas Knot, former head of the Dutch Central Bank.

However, appointments at the ECB are highly political and often part of broader negotiations between European institutions, meaning other candidates could emerge. Bundesbank chief Joachim Nagel notes that anyone on the ECB's executive board could be considered a qualified candidate, and there are "strong candidate men and women outside the ECB board" capable of taking on the role.

Ultimately, it is politics that decides. When asked if the German government would submit its own candidate for the ECB President position, a government spokesperson said, "We do not comment on personnel speculation." There is no urgent time pressure, according to insiders, emphasizing the need for a package deal. Lagarde is expected to disclose her resignation timeline at the EU summit in mid-December.