Schnabel leaves ECB early for IMF
The German economist will leave the European Central Bank on 3 January 2027, almost a year before the end of her term.
Isabel Schnabel will leave the European Central Bank’s Executive Board at the beginning of 2027 to work for the International Monetary Fund. Her departure creates a significant vacancy at the central bank, while several senior positions could also change in the period ahead.
The ECB announced on Thursday that Schnabel will step down from her post on 3 January 2027. She will become the IMF’s financial adviser and lead its Monetary and Capital Markets Department. The position became vacant after Tobias Adrian’s departure.
Schnabel’s term at the ECB formally ran until the end of 2027. She had been a member of the Executive Board since 2020, which, together with the president and the national central bank governors, conducts monetary policy for the eurozone. Her portfolio included market operations, among other areas.
The ECB says no transition period is needed. During her remaining time at the ECB, Schnabel will not deal with matters affecting her future employer. The institution thereby aims to limit conflicts of interest surrounding her move.
The appointment comes at a time when the ECB’s composition is set to change in the coming years anyway. Chief economist Philip Lane’s term ends in May 2027, and President Christine Lagarde’s in October 2027. Schnabel’s replacement could therefore become part of broader European negotiations over the distribution of senior posts.
The political consequences of her departure have not yet been settled. Reuters reported that governments are already considering various combinations of candidates, but that no agreement has been reached. Day-to-day interest-rate policy will not change immediately: Schnabel will continue to take part in the ECB until January, while her successor will later be appointed by the European Council.
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The key facts have been directly confirmed by the ECB and the Banque de France. The political consequences are described cautiously and clearly as a possible development.
- confirmed Schnabel will leave the ECB on 3 January 2027. — Confirmed in the official press release. source
- confirmed She will become financial adviser and head of the IMF’s Monetary and Capital Markets Department. — Confirmed by the official announcement. source
- confirmed Schnabel’s ECB term ran until the end of 2027. — Mentioned in the overview of ECB Executive Board terms. source
- confirmed The possible succession is part of broader discussions about senior ECB positions. — Reported by Reuters, but without a definitive agreement. source
Editor's note
The move, date and new IMF role have been officially confirmed. According to Reuters, the possible broader reshuffling of ECB posts remains under discussion and has not been presented as settled.Sources
- ECB Executive Board member Isabel Schnabel to resign to take senior role at IMF — Banque de France
- Schnabel quittera ses fonctions pour rejoindre le FMI — Reuters via Boursorama
- Executive Board members’ terms of office — European Central Bank
- Tobias Adrian to Step Down as IMF Financial Counsellor — International Monetary Fund
More on this in Dutch media
- De Telegraaf — „isabel schnabel”
- Trouw — „isabel schnabel”
- RTL Nieuws — „isabel schnabel”