Today, the Eurogroup gave its support to the candidacy of Isabel Schnabel to become the new member of the European Central Bank's executive board.
Isabel Schnabel is currently a professor at the University of Bonn and a member of the German Council of Economic Experts.
The recommendation to the European Council, which is composed of the heads of state and government, should be formally adopted by the Council on 8 November. The European Council will then consult the European Parliament and the governing council of the ECB. It is expected to adopt its final decision by the end of the year.
Schnabel is expected to replace Sabine Lautenschläger, who decided to step down as of 31 October 2019. The new member of the executive board will serve a non-renewable 8-year term.
Article 283(2) of the Treaty on the Functioning of the European Union specifies that appointments to the ECB executive board are made "by the European Council, acting by a qualified majority, from among persons of recognised standing and professional experience in monetary or banking matters, on a recommendation from the Council, after it has consulted the European Parliament and the Governing Council of the European Central Bank."
The ECB executive board is responsible for the implementation of euro area monetary policy, as laid down by the ECB governing council. It is composed of the President, the Vice President and four other members, all appointed for a non-renewable 8-year term. The governing council is composed of six executive board members and the governors of national central banks of the euro area member states.