, Columnist
Germany's Peace Offering to the European Central Bank
Isabel Schnabel's ability to see both sides of the monetary argument would make her a first-rate addition to the central bank's executive board.
Hawkish, but not too hawkish.
Photographer: Ulrich Baumgarten/Ulrich BaumgartenThis article is for subscribers only.
Some good news for the European Central Bank. The German government has nominated Isabel Schnabel, an accomplished economist at the University of Bonn, to replace her compatriot Sabine Lautenschlaeger on the ECB’s executive board. Lautenschlaeger is quitting after the central bank’s decision to restart large-scale bond purchases (known as quantitative easing).
It’s an anachronism that Germany, France and Italy always get to choose one of the top positions at the ECB. But if this appointment must be made by Berlin, Schnabel is a fine choice.