European Central Bank: Economist Schnabel buys bonds for the ECB

The European Central Bank (ECB) has reallocated the key tasks in its executive board. From now on, the German economist Isabel Schnabel is responsible for the market operations department.

It is therefore responsible for the concrete implementation of monetary policy, i.e. also for the controversial billion-dollar bond purchase program in Germany. She was also given responsibility for research and statistics. Schnabel succeeded Sabine Lautenschläger in the board of directors, who resigned at the end of October. The redistribution of departments in the Executive Board is part of a major change at the top of the ECB.

The former head of the International Monetary Fund (IMF), Frenchwoman Christine Lagarde, has headed the central bank since November. The eight-year term of the Italian Mario Draghi expired in October.

• Christine Lagarde wants to do a lot differently at the ECB than her predecessor, unpopular in Germany. Read a portrait of the new boss here.

At the end of the year, the Frenchman Benoit Coeure left the executive committee. For him, Italy's central bank vice Fabio Panetta moved into the committee. He was given responsibility for the field of international and European relations; as the new "Foreign Minister" of the central bank, he represents it at the Eurogroup or the IMF, for example.

Changes in the division of responsibilities also include the fact that ECB Vice Luis de Guindos, who is responsible for the area of ​​financial stability on the Executive Board, has now also been given the risk management task area, which Lautenschläger was previously responsible for. At the same time, his responsibility for research went to Isabel Schnabel. The departmental layout does not change for chief economist Philip Lane. He remains responsible for the central departments of economy and monetary policy.

Traditionally, Germany, France and Italy - the three largest economies in the euro zone - each occupy a position on the Executive Board.