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Date: Oct 23, 2019

Isabel Schnabel to become ECB Director Rector: Great honour for Bonn economist

Prof. Dr. Isabel Schnabel, an economist at the University of Bonn, is to be appointed to the Executive Board of the European Central Bank (ECB) by the German government. This was decided today by the Federal Cabinet at the suggestion of Federal Finance Minister Olaf Scholz (SPD). The designated Executive Director must now be appointed by the European Council - after a hearing before the EU Parliament.

The 48-year-old Schnabel is one of the five "economic wise men", the German Council of Economic Experts (Sachverständigenrat zur Begututachtung der gesamtwirtschaftlichen Entwicklung der Bundesregierung). She has been Professor of Financial Market Economics at the University of Bonn since 2015. She is speaker of the recently funded Cluster of Excellence "ECONtribute: Markets & Public Policy" at the Universities of Bonn and Cologne.

The Rector of the University of Bonn congratulated Prof. Schnabel on her nomination: "This is a great honour and recognition for Isabel Schnabel. She is one of the most distinguished economists in our country. Even if her departure from the University of Bonn left a gap that will be difficult to close, we in Bonn are proud of her and will remain closely connected to her both scientifically and personally.

Prof. Schnabel herself commented on the nomination via Twitter: "I am honoured to have been nominated by the German Federal Government as Executive Director of the European Central Bank. Of course, this is only the beginning of a longer process. If my appointment is confirmed by the European bodies, I will do my best to fulfil the high expectations placed in me".

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