ECB’s Schnabel to leave board early for senior IMF role

Schnabel's early exit removes one of the executive board's more hawkish voices at a moment when the ECB's policy path is already contested, leaving a vacancy that must be filled from a six-member body where each seat carries weight. The IMF move also shifts a known quantity from Frankfurt to Washington, strengthening the fund's European representation while the ECB navigates its own transition. The open question is timing: no departure date or IMF role has been specified, so the sequence of succession and the balance of the board remain unresolved.