A major overhaul of the ECB’s six-seat Executive Board looms in 2027 , with three seats changing hands between May and December at the latest, including those of the president and chief economist. Speculation about President Lagarde leaving before her term ends in October 2027 has intensified, as she has kept the possibility open. Chief economist Philip Lane leaves in May, followed by market operations head Isabel Schnabel in December. However, Schnabel will leave early on 3 January 2027 for a senior IMF job. In this piece, we assess the candidates, policy implications and appointment process. There are few firm rules in the ECB’s game of musical chairs, but the seats are politically important and prestigious for euro area governments.
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