Isabel Schnabel, member of the Executive Board and Governing Council of the European Central Bank (ECB), has announced she will step down from her position on January 3, 2027.
She will assume her new role at the International Monetary Fund (IMF) starting January 4, 2027, as Financial Counsellor and Director of the Monetary and Capital Markets Department, according to Kristalina Georgieva, Managing Director of the IMF.
Until that date, Ms. Schnabel will continue to fulfill her responsibilities at the ECB. Following advice from the ECB’s ethics committee, it was decided that no cooling-off period will be applied; however, she will refrain from participating in matters related to the IMF during the remainder of her mandate.
The European Council will appoint her successor in accordance with European procedures. In the meantime, her Executive Board duties may be temporarily reassigned to other members.
Christine Lagarde, President of the ECB, praised Ms. Schnabel’s significant contributions during her seven years at the institution, notably in stabilizing inflation and modernizing ECB operations.