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The Governing Council had no objection to the proposed candidate, Isabel Schnabel, who is a person of recognised standing and professional experience in monetary or banking matters, as required by Article 283(2) of the Treaty on the Functioning of the European Union.
Ms Schnabel currently serves as a member of the German Council of Economic Experts and is a professor for financial economics at Bonn University.
Following the Governing Council’s opinion and an opinion of the European Parliament, the new member of the Executive Board will be appointed by the European Council. Ms Schnabel will serve a non-renewable eight-year term, succeeding Sabine Lautenschläger, who resigned from her position with effect from 31 October 2019.