Isabel Schnabel, a member of the European Central Bank (ECB) executive board, may depart the institution early to assume a leadership role at the International Monetary Fund (IMF), according to German newspaper Handelsblatt, citing government sources.
Schnabel, who oversees market operations at the ECB, is in negotiations to lead the IMF’s Monetary and Capital Markets Department. The position has been vacant since early September following the departure of former department head Tobias Adrian. Schnabel’s current mandate at the ECB is set to expire at the end of 2027.
Her potential exit would accelerate a broader reorganization of the ECB’s executive board, where multiple key positions are already in flux. ECB Chief Economist Philip Lane is scheduled to leave his role in May, while President Christine Lagarde’s term is set to conclude next October. Schnabel’s early departure would also remove her from contention for the ECB presidency, a role that reportedly lacked strong support in Berlin.
Germany and France hold permanent seats on the ECB board and are expected to claim the vacancies left by Schnabel and Lagarde. Spain has also expressed interest in securing a board seat, which could lead to a division of the three positions among the Eurozone’s largest economies. However, these succession plans may be disrupted if former Dutch central bank chief Klaas Knot is selected to replace Lagarde, as the Netherlands already holds a board seat—a scenario that typically prompts a resignation from the incumbent.
An ECB spokesperson declined to comment on the matter. The IMF also did not respond to requests for confirmation.
