Kommentar: Investoren müssen sich auf eine völlig veränderte EZB einstellen

A major overhaul is underway at the European Central Bank (ECB), and it has rapidly made headlines: ECB President Christine Lagarde has announced her resignation. However, the upheaval extends far beyond Lagarde's departure. Investors must brace for a fundamentally transformed ECB. As early as June, Boris Vujcic from Croatia succeeded the Spaniard Luis de Guindos as Vice-President.

Though Vujcic has remained relatively inconspicuous so far, that may change. At the start of January, Isabel Schnabel leaves the ECB to join the International Monetary Fund (IMF). Chief economist Philip Lane's term ends in May, likely without completion, marking yet another departure. If Dutchman Klaas Knot succeeds Lagarde as ECB President, he would be the fifth out of six positions to change within a single year.

This is because, initially, the terms of office were carefully calibrated to preserve continuity at the decision-making points of the European monetary union. However, numerous resignations, particularly of German representatives in the ECB Directorate, have shattered this calculation.