Germany nominated Isabel Schnabel to the European Central Bank’s executive board. The nominated academic will replace Sabine Lautenschlaeger, who resigned from the ECB board last month in protest to the ECB’s fiscal stimulus.
Finance minister Olaf Scholz hailed Schnabel as an “outstanding economist” expressing his conviction that she will do a good job in the ECB, the eurozone and Germany.
The 48-year old Schnabel is a member of the German Council of Economic Experts since 2014 but her critics fear that she will not be as fiscally hawkish as her predecessor. Schnabel has argued that the recent stimulus package was excessive but within the ECB’s mandate.
Schnabel defended the ECB vis-à-vis the criticism of Bundesbank chief Jens Weidmann, making the case on Wednesday that this is too important an institution to be scapegoated in Germany as stealing severs’ money.
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