Isabel Schnabel

Isabel Schnabel (née Gödde, born 9 August 1971 in Dortmund) is a German economist who currently serves as executive board member of the European Central Bank.

Isabel Schnabel
Member of the Executive Board of the European Central Bank
Incumbent
Assumed office 1 January 2020
Preceded by	Sabine Lautenschläger
Personal details
Born	9 August 1971 Dortmund, West Germany (now Germany)
Education	University of Mannheim

She became professor of financial economics at the University of Bonn in 2015 and a member of the German Council of Economic Experts in 2014.[1] She worked previously at the University of Mainz from 2007 to 2015.[2]

Early life and education

Schnabel began her studies in Economics at the University of Mannheim, Paris I (Sorbonne) and the University of California, Berkeley, back in 1992 after completing her training as a bank clerk at Deutsche Bank in Dortmund.

Career

Career in academia

After receiving her diploma in 1998, Schnabel started her doctorate studies in the graduate program "Allocation on financial markets" at the Department of Economics, University of Mannheim until 2003. That same year, she also wrote a dissertation, Macroeconomic Risks and Financial Crises – A Historical Perspective, under the supervision of Martin Hellwig. Following that, she then worked as a student research assistant to Axel Börsch-Supan while she completed internships at Deutsche Bank in Saint Petersburg and Frankfurt. For the next three years, she was a Senior Research Fellow at the Max Planck Institute for Research on Collective Goods, Bonn.

In 2007 Schnabel became a Professor of Financial Economics at Johannes Gutenberg University Mainz. In 2014 she was appointed as member of the German Council of Economic Experts (Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) and started teaching Financial Economics at the University of Bonn in 2015.[3]

Member of the Executive Board of the ECB, 2019–present

Following a proposal of Finance Minister Olaf Scholz, the German government nominated Schnabel to the European Central Bank’s executive board in 2019, replacing Sabine Lautenschläger.[4] Shortly after, the Eurogroup supported Schnabel’s candidacy for a non-renewable 8-year term.[5]

On the Executive Board, Schnabel is responsible for market operations. In this capacity, she oversees the ECB's 2.6 trillion-euro ($2.9 trillion) quantitative easing program.[6]

Other activities

Regulatory agencies

• Deutsche Bundesbank, Member of the Scientific Advisory Board of the Research Data and Service Centre (RDSC) (since 2016)
• European Systemic Risk Board (ESRB), Member of the Advisory Scientific Committee (since 2015)[7]
• Federal Financial Supervisory Authority (BaFin), Chairman of the Advisory Board (Member since 2008) and Member of the Administrative Council (since 2013)

Research organizations

• Verein für Socialpolitik, Member of the Executive Board (since 2015)
• Center for European Economic Research (ZEW), Member of the Scientific Advisory Board (since 2012)[8]
• European Historical Economics Society, Member of the Board of Trustees (2005-2009)

Editorial boards

• Review of Economics, Member of the Board of Associate Editors (since 2012)
• Financial History Review, Member of the Editorial Advisory Board (since 2009)
• Economics of Transition, Co-Editor (2008-2014)

Political positions

Schnabel is considered to have moderate views on monetary policy.[9] In early 2019, she strongly advised against a possible merger of Deutsche Bank and Commerzbank.[10]

Recognition

• 2019 – North Rhine-Westphalian Academy of Sciences, Humanities and the Arts, Member
• 2018 – Berlin-Brandenburg Academy of Sciences and Humanities, Member
• 2018 – Gustav Stolper Prize[11]

Selected publications

• Schäfer, Alexander; ———; Weder di Mauro, Beatrice (2016). "Financial Sector Reform after the Subprime Crisis: Has Anything Happened?". Review of Finance. 20 (1): 77–125. doi:10.1093/rof/rfu055. hdl:10.1093/rof/rfu055.
• Gropp, Reint; Hakenes, Hendrik; ——— (2011). "Competition, Risk-shifting, and Public Bail-out Policies". Rev. Financ. Stud. 24 (6): 2084–2120. doi:10.1093/rfs/hhq114. hdl:11858/00-001M-0000-0028-6E46-2.
• Dell'Ariccia, Giovanni; ———; Zettelmeyer, Jeromin (2006). "How Do Official Bailouts Affect the Risk of Investing in Emerging Markets?". Journal of Money, Credit and Banking. 38 (7): 1689–1714. doi:10.1353/mcb.2006.0091. JSTOR 3838962.
• ——— (2004). "The German Twin Crisis of 1931". Journal of Economic History. 64 (3): 822–871. doi:10.1017/S0022050704002980.
• ———; Shin, Hyun Song (2004). "Liquidity and Contagion: The Crisis of 1763". Journal of the European Economic Association. 2 (6): 929–968. doi:10.1162/1542476042813887.

References

1. Website at the University of Bonn
2. "Vita - Finance Group - Universität Bonn".
3. "Vita - Finance Group - Universität Bonn".
4. Michael Nienaber and Christian Kraemer (October 23, 2019), Germany nominates economist Isabel Schnabel for ECB board seat Reuters.
5. Jan Strupczewski (November 7, 2019), Eurogroup gives support to Isabel Schnabel's candidacy to ECB Reuters.
6. Paul Gordon (January 3, 2020), The ECB Policy Most Disliked in Germany Is Now Run by a German Bloomberg News.
7. Advisory Scientific Committee (ASC) European Systemic Risk Board (ESRB).
8. Scientific Advisory Board Center for European Economic Research (ZEW).
9. Martin Arnold, Tobias Buck and Guy Chazan (October 22, 2019), Germany set to appoint Isabel Schnabel to ECB board Financial Times.
10. Klaus Lauer and Reinhard Becker (October 1, 2007), German economic advisor opposed to Deutsche, Commerzbank merger Reuters.
11. List of awardees of the Gustav Stolper Prize on the website of the German Economic Association. Retrieved January 15th, 2019.

External links

• Website at the University of Bonn