ECB's Schnabel could leave her role at the ECB before her term ends to move to the IMF, Handelsblatt reports

Schnabel has been among the most consistently hawkish voices on the Governing Council, so an early exit would remove a known counterweight and is the kind of shift that, in past episodes of personnel change at eurozone institutions, has seen the long end and the periphery spreads reprice only modestly on the news itself, with the real effect arriving through successor selection. The succession is the tell: board seats are allocated through national and political bargaining, and the nationality and lean of any replacement nominee will be read as a signal of the Council's centre of gravity heading into the next easing or hold debate. Moves from European central banks to the IMF's senior ranks are an established career pattern, so the report itself is plausible rather than exceptional, though single-source press reports of this kind have on previous occasions been walked back or denied pending confirmation. Worth noting is the distinction between a confirmed resignation, which starts the succession clock, and exploratory soundings, which historically fade without market residue. Until confirmation or a named successor emerges, the signal is about composition rather than policy.