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Eurogroup gives support to Isabel Schnabel's candidacy to ECB

Member of the German advisory board of economic experts Isabel Schnabel poses ahead of a news conference in Berlin, Germany, November 6, 2019. REUTERS/Fabrizio Bensch

BRUSSELS (Reuters) - Euro zone finance ministers supported on Thursday the candidacy of Germany’s Isabel Schnabel to become a member of the European Central Bank’s executive bard for a non-renewable 8-year term, the ministers said in a statement.

Schnabel is a professor at the University of Bonn and a member of the German Council of Economic Experts. She will replace Sabine Lautenschlaeger, who stepped down from the ECB on Oct 31.

The euro zone ministers’ recommendation to EU leaders will be formally adopted by all EU finance ministers on Friday. Schnabel will then have a hearing in the European Parliament and EU leaders will formally appoint her in December.

Reporting By Jan Strupczewski