The ECB has asked EU leaders to begin selecting Executive Board member Isabel
Schnabel's successor, a step that could prompt a broader senior-level reshuffle
including the ECB presidency. European Council spokesman said President Costa
received a letter from Lagarde requesting the formal appointment procedure for
new ECB Executive Board members be started; an EU official confirmed Lagarde
asked for immediate action. The Eurogroup is expected to advance the process and
may discuss it at its Oct. 8 meeting in Luxembourg, potentially launching a call
for candidates. Schnabel said last week she will leave the ECB nearly a year
before her term ends to take a senior IMF post; her seat is due to be vacant in
early January and EU leaders could make a decision at the December summit.
