Euro zone extends deadline for bids to replace ECB's Schnabel

The euro zone has ​extended the deadline for submission of ​candidates to replace ‌European Central Bank ​board member Isabel Schnabel to November 27 from October 28, the spokesman for the chair ‌of its finance ministers, Kyriakos Pierrakakis, said on Tuesday. "This decision has been taken in order to give member states more time for preparing nominations," Johannes ‌Kleis said.

He said the 21 euro zone governments that can ‌submit candidates for the job were informed last week. Schnabel, the head of the ECB's market operations, will leave the ECB on January 3 to take up a ⁠post at ​the International Monetary ⁠Fund. Her departure has set in motion what is likely to be a complicated ⁠game of political chess for coveted roles.

ECB chief economist Philip Lane is also ​set to leave next May and ECB President Christine Lagarde, herself a ⁠subject of persistent resignation rumours, will depart by next October at the latest. That suggests that ⁠Schnabel's ​replacement could be part of a broader political deal as Germany, Spain, the Netherlands and France are all vying for powerful ⁠board seats.

While technically any country can contest Schnabel's seat, the bloc's top three — ⁠Germany, France ⁠and Italy — have a de facto permanent seat on the board, and her replacement is likely to come from ‌one ‌of those countries.