ECB Leadership Shuffle: Schnabel Exit Triggers Succession Race for Lagarde, Lane

ECB Executive Board member Isabel Schnabel is departing to the IMF, opening a vacancy that coincides with upcoming successions for ECB President Christine Lagarde and Chief Economist Philip Lane. EU member states are already positioning candidates, introducing leadership uncertainty at the ECB during a period of monetary policy normalization. The outcome will shape the ECB's policy trajectory, but no frontrunners have been confirmed.