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Isabel Schnabel will step down from the European Central Bank on 3 January 2027. According to the ECB, IMF Managing Director Kristalina Georgieva intends to appoint her to a senior leadership role from 4 January.
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Isabel Schnabel has informed ECB President Christine Lagarde that she will step down as a member of the Executive Board and the Governing Council on 3 January 2027. The European Central Bank announced her planned departure on 24 September.
The move is intended to take her to the International Monetary Fund (IMF). According to the ECB, IMF Managing Director Kristalina Georgieva intends to appoint Schnabel as Financial Counsellor and Director of the Monetary and Capital Markets Department from 4 January. This is an intended appointment; the ECB statement does not indicate that it is already final. [1]
Schnabel will not have to observe a cooling-off period between the two roles. The ECB’s Governing Council decided this after receiving advice from the Ethics Committee. However, she will be excluded from all IMF-related matters for the remainder of her ECB term. She will continue to carry out her other responsibilities until her departure. The press release does not include the content or reasoning of the ethics advice. [1]
The ECB has not yet named a successor. The European Council will appoint one by a qualified majority, following consultation with the European Parliament and the ECB’s Governing Council. If necessary, Schnabel’s duties will be temporarily shared among the other Executive Board members after her departure. [1]
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