ECB Spectrometer Shows the Governing Council’s Shift in the Lagarde Era

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Christine Lagarde isn’t the only new face at the European Central Bank. Two new members joined the Executive Board in January: Fabio Panetta and Isabel Schnabel, whom the Bloomberg Economics ECB spectrometer classifies less hawkish than her predecessor, Sabine Lautenschlaeger. On the governor level, almost half the euro-area central banks have appointed new chiefs since the start of 2019, with Austria’s Robert Holzmann claiming the crown as the most hawkish member of the Governing Council.