The search for a successor to ECB Executive Board member Isabel Schnabel begins

The search for a successor to Christine Lagarde, President of the European Central Bank (ECB), is gaining momentum. The announcement by ECB board member Isabel Schnabel that she will resign on January 3rd next year and move to the International Monetary Fund (IMF) means that not only one possible candidate is out of the race. Certain processes are now being initiated.

Lagarde has called on the EU to open the formal process for Schnabel's successor in a letter to the President of the European Council, António Costa.