Germany’s Schnabel Faces Plea to End a Legacy of ECB Quitters
Germany’s nominee to the European Central Bank’s Executive Board received a public plea on Friday to break the habit set by her predecessors: quitting before your time is up.
Isabel Schnabel, who spoke on a panel in Frankfurt chaired by former ECB official Ignazio Angeloni, was then implored by him to serve the full stint alloted to her.
“I certainly hope that you will not continue the tradition of resigning before the end of your term,” he said, to applause and laughter. “You’re supposed to stay there eight years -- and please stay there for eight years. But otherwise, my warm congratulations and wishes for good work and good luck. Because you also need luck.”
The University of Bonn professor was nominated last month to fill the seat of Sabine Lautenschlaeger, who stunned colleagues by becoming the third consecutive German to leave the Executive Board early. Schnabel’s appointment represented a change of tack from her predecessors, all of whom had built careers either at the Bundesbank or in national politics.
Angeloni, a longtime veteran of the ECB, said his experience was that Germans have much to offer the institution.
“The German economics profession has given over the last 20 years an outstanding contribution to the ECB, professionally as well as ethically. And I know by experience, I worked with many of them at all levels, at the level of staff, at the level of the board. And it’s always been very -- not always an easy relationship -- but always a very constructive, ultimately very fruitful relationship.”
©2019 Bloomberg L.P.