Euro zone extends deadline for bids to replace ECB's Schnabel
TLT•The euro zone extended the deadline for nominations to replace ECB board member Isabel Schnabel to November 27 from October 28, giving governments more time to prepare candidates.
1. New nomination deadline
The euro zone extended the deadline for candidates to replace European Central Bank board member Isabel Schnabel to November 27 from October 28. Johannes Kleis, spokesman for the chair of euro zone finance ministers, said the decision gives member states more time to prepare nominations.
2. Board succession
Schnabel, who heads the ECB's market operations, will leave on January 3 to take a post at the International Monetary Fund. ECB chief economist Philip Lane is also set to leave next May, while President Christine Lagarde will depart by next October at the latest. The article says Germany, Spain, the Netherlands and France are vying for board seats, and Schnabel's replacement is likely to come from Germany, France or Italy.
