Frankfurt — The eurozone will choose a new European Central Bank (ECB) president next year and replace up to two-thirds of the bank’s six-member executive board in an intricate game of political chess among the bloc’s 21 countries. The following explains who gets replaced, how and why this matters for the eurozone’s most powerful financial institution and the future of Europe. Germany’s Isabel Schnabel, the executive board member responsible for market operations, is leaving to take up a position at the IIM. The term of Ireland’s Philip Lane, the ECB’s chief economist, ends on May 31.
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