Germany nominates economist Isabel Schnabel for ECB board seat

Germany nominates economist Isabel Schnabel for ECB board seat
  • Clock-gray 18:46
  • calendar-gray 23 October 2019

Germany nominated university professor Isabel Schnabel to the European Central Bank’s executive board on Wednesday, giving Berlin an expert voice on the bank’s top decision-making body and a possible bridge-builder in a time of deep divisions, APA reports citing Reuters Berlin.

The decision by the German cabinet was expected after a source told Reuters on Tuesday that Finance Minister Olaf Scholz had chosen Schnabel to replace Sabine Lautenschlaeger, another German, who resigned from the ECB board last month after unsuccessfully opposing more ECB stimulus.

Scholz confirmed Schnabel’s nomination on Wednesday and lauded her as a very good candidate for the ECB job.

“She is an outstanding economist and proven expert in banking and monetary policy issues. She will convince my colleagues in Europe and do a good job in the ECB for the euro zone and for our country,” Scholz said.

A member of the German Council of Economic Experts, the country’s “wise men”, since 2014, the 48-year-old Schnabel is considered a well-connected economic expert and skilled communicator.

While Lautenschlaeger was a top bank supervisor, she lacked expertise in monetary policy, and her critics said she was not a powerful enough voice to defend German interests against more stimulus.

“I am honored to have been nominated by the German Federal Government to become Executive Director of the European Central Bank,” Schnabel said on Twitter. “If my appointment is approved by the European bodies, I will do my best to meet the high expectations set in me.”

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