Isabel Schnabel

German economist

Isabel Schnabel

Schnabel in 2017

Member of the Executive Board of the European Central Bank

Incumbent

Assumed office
1 January 2020
Preceded by| Sabine Lautenschläger
Personal details
Born|

Isabel Gödde

(1971-08-09) 9 August 1971 (age 54)
Dortmund, West Germany (now Germany)
Education| University of Mannheim
Paris 1 Panthéon-Sorbonne University
University of California, Berkeley

Isabel Schnabel (née Gödde, born 9 August 1971) is a German economist who has been serving as a member of the Executive Board of the European Central Bank since 2020.

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

## Early life and education

[edit]

Schnabel was born in Dortmund. After completing her training as a bank clerk at Deutsche Bank in Dortmund, she began her studies in economics at the University of Mannheim in 1992. She continued her study of economics at the Paris I (Sorbonne) and the University of California, Berkeley before earning her diploma from the University of Mannheim in November 1998 as best in class. Schnabel studied as a doctoral student in economics at the University of Mannheim from 1998 to 2003, where she graduated summa cum laude after writing her dissertation titled “Macroeconomic Risks and Financial Crises – A Historical Perspective.” [citation needed] [2]

## Career

[edit]

### Career in academia

[edit]

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.

### Member of the executive board of the ECB, 2019–present

[edit]

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.[3] Shortly after, the Eurogroup supported Schnabel’s candidacy for a non-renewable 8-year term.[4]

On the executive board, Schnabel is responsible for market operations. In this capacity, she oversees the ECB's 5.6 trillion-euro ($6.8 trillion) quantitative easing program.[5]

## Other activities

[edit]

### Regulatory agencies

[edit]

* 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)[6]
* Federal Financial Supervisory Authority (BaFin), chairman of the advisory board (member since 2008) and member of the administrative council (since 2013)

### Research organizations

[edit]

* Verein für Socialpolitik, member of the executive board (since 2015)
* Center for European Economic Research (ZEW), member of the scientific advisory board (since 2012)[7]
* European Historical Economics Society, member of the board of trustees (2005–2009)

### Editorial boards

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* 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

[edit]

Schnabel is considered to have moderate views on monetary policy.[8]

In early 2019, she strongly advised against a possible merger of Deutsche Bank and Commerzbank.[9]

## Recognition

[edit]

* 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[10]

## Selected publications

[edit]

* 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. S2CID 17061634.
* 

 (2004). "The German Twin Crisis of 1931". Journal of Economic History. 64 (3): 822–871\. doi:10.1017/S0022050704002980. S2CID 154503072.
* 

; 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

[edit]

1. ^ Profile, University of Bonn website. Accessed 23 March 2024.
2. ^ "Prof. Dr. Isabel Schnabel". Max Planck Institute. Max-Planck-Gesellschaft. Retrieved 7 December 2021.
3. ^ Michael Nienaber and Christian Kraemer (23 October 2019), Germany nominates economist Isabel Schnabel for ECB board seat Reuters.
4. ^ Jan Strupczewski (7 November 2019) Eurogroup gives support to Isabel Schnabel's candidacy to ECB, Reuters.
5. ^ Paul Gordon (3 January 2020) The ECB Policy Most Disliked in Germany Is Now Run by a German, Bloomberg News.
6. ^ Advisory Scientific Committee (ASC) European Systemic Risk Board (ESRB).
7. ^ Scientific Advisory Board Center for European Economic Research (ZEW).
8. ^ Martin Arnold, Tobias Buck and Guy Chazan (22 October 2019)Germany set to appoint Isabel Schnabel to ECB board, Financial Times.
9. ^ Klaus Lauer and Reinhard Becker (1 October 2007) German economic advisor opposed to Deutsche, Commerzbank merger, Reuters.
10. ^ List of awardees of the Gustav Stolper Prize on the website of the German Economic Association. Retrieved January 15th, 2019.

Government offices

Preceded by

Sabine Lautenschläger

|  Member of the Executive Board of the European Central Bank
2020–present  | Incumbent

* v
* t
* e

Executive Board of the European Central Bank

Presidents|

* Wim Duisenberg (1998–2003)
* Jean-Claude Trichet (2003–2011)
* Mario Draghi (2011–2019)
* Christine Lagarde (2019–)

Current
Members|

* Christine Lagarde1
* Luis de Guindos2
* Philip R. Lane3
* Piero Cipollone
* Isabel Schnabel
* Frank Elderson

Former
Members|

* Christian Noyer2
* Sirkka Hämäläinen
* Wim Duisenberg1
* Eugenio Domingo Solans
* Tommaso Padoa-Schioppa
* Otmar Issing3
* Lucas Papademos2
* Gertrude Tumpel-Gugerell
* Jean-Claude Trichet1
* Lorenzo Bini Smaghi
* Jürgen Stark3
* José Manuel González Paramo
* Jörg Asmussen
* Vítor Constâncio2
* Peter Praet3
* Mario Draghi1
* Sabine Lautenschläger
* Benoît Cœuré
* Yves Mersch
* Fabio Panetta

1 = President 2 = Vice President 3 = Chief Economist

* v
* t
* e

Members of the Governing Council of the European Central Bank

* Christine Lagarde
* Luis de Guindos
* Isabel Schnabel
* Frank Elderson
* Fabio Panetta
* Philip R. Lane
* François Villeroy de Galhau
* Joachim Nagel
* Ignazio Visco
* Boris Vujčić
* Boštjan Vasle
* Pablo Hernández de Cos
* Pierre Wunsch
* Yannis Stournaras
* Gaston Reinesch
* Robert Holzmann
* Peter Kažimír
* Gediminas Šimkus
* Olli Rehn
* Mario Centeno
* Edward Scicluna
* Madis Müller
* Mārtiņš Kazāks
* Klaas Knot
* Christodoulos Patsalides
* Gabriel Makhlouf

* v
* t
* e

German Council of Economic Experts

* Veronika Grimm [de]
* Ulrike Malmendier
* Monika Schnitzer
* Achim Truger [de]
* Volker Wieland [de]

Former members

* Horst Albach [de]
* Wilhelm Bauer [de]
* Paul Binder [de]
* Peter Bofinger
* Claudia-Maria Buch
* Juergen B. Donges
* Lars Feld
* Gerhard Fels
* Wolfgang Franz
* Herbert Giersch
* Werner Glastetter [de]
* Armin Gutowski [de]
* Herbert Hax [de]
* Ernst Helmstädter [de]
* Helmut Hesse [de]
* Otmar Issing
* Norbert Kloten [de]
* Harald Koch [de]
* Claus Köhler [de]
* Jürgen Kromphardt [de]
* Hans-Jürgen Krupp
* Dieter Mertens [de]
* Fritz W. Meyer [de]
* Rolf Peffekoven [de]
* Rüdiger Pohl [de]
* Dieter Pohmer [de]
* Bert Rürup
* Gerhard Scherhorn
* Manfred Schäfer [de]
* Christoph M. Schmidt
* Kurt Schmidt [de]
* Isabel Schnabel
* Hans Karl Schneider [de]
* Horst Siebert
* Olaf Sievert [de]
* Wolfgang Stützel
* Axel Weber
* Beatrice Weder di Mauro
* Wolfgang Wiegard

Authority control databases

International|

* ISNI
* VIAF
* WorldCat

National|

* Germany
* United States
* Netherlands

Academics|

* ORCID
* Mathematics Genealogy Project
* ResearcherID
* Publons
* MathSciNet

People|

* DDB

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