Statement by the Eurogroup President on the candidates for the post of ECB executive board member

At the 9 October Eurogroup, I asked euro area members to put forward candidates to succeed European Central Bank Executive Board member, Sabine Lautenschläger, who decided to step down as of 31 October 2019, before the end of her full term.

By the deadline of the call for candidates, Germany was the only country to put forward a name: Isabel Schnabel, professor at the University of Bonn and member of the German Council of Economic Experts.

Ministers will consider this proposal at the 7 November Eurogroup. This is the first step towards the final appointment by the European Council.

Background on process

The Eurogroup meeting of 7 November will consider and discuss the application. On the following day, the Ecofin Council is expected to adopt a recommendation to the European Council by reinforced qualified majority voting of the euro area member states.

Such a majority requires 72% of euro area member states in favour (i.e., at least 14 out of the 19), representing at least 65% of the population of the euro area.

The European Council will take the final decision on the appointment after having consulted the ECB and the European Parliament.