ING: Isabel Schnabel is an economics.......>

ECB VIEW: ING: Isabel Schnabel is an economics professor at the university of

Bonn & has been member of the German Council of Economic Experts since '14. In

our view, if appointed, the nomination of Schnabel could change Germany's

influence on the ECB in a more constructive way. The ECB's Exec Board is running

out of economic skills & know-how once Mario Draghi (end of Oct) and Benoit

Coeure (end of '19) have left. With Schnabel, Germany would have an excellent

economist on the Board, who has been rather supportive of the ECB's monpol

decisions of the last years. It looks likely that Christine Lagarde will shift

or restructure portfolios & responsibilities between the (new) Exec Board

members in the coming months. Philip Lane will remain Chief Economist but it

should not be excluded that Schnabel will get a more economic portfolio than

Lautenschlager, hence being able to influence monpol decisions. Schnabel could

also emerge as a Lagarde whisperer, giving Germany a much better and much more

constructive influence on ECB decisions than the traditional "nein". All in all,

a remarkable decision which could be a small step on the long road to get a more

balanced & less emotional discussion on the ECB in Germany than currently.