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Germany officially picks economist Isabel Schnabel as ECB board nominee

Germany on Oct. 23 formally nominated economics professor Isabel Schnabel to the European Central Bank's Executive Board.

Schnabel confirmed on Twitter that she has been chosen by the German government as its candidate to replace Sabine Lautenschlaeger, who will exit the ECB board Oct. 31 amid divisions among ECB policymakers over the stimulus package unveiled by the central bank in September.

Schnabel has said the ECB's stimulus package was excessive, but within the central bank's mandate, according to Reuters. She has also defended the ECB against criticism from other policymakers, saying critics were putting public trust in the central bank at risk.

German Finance Minister Olaf Scholz called Schnabel an "outstanding economist and proven expert in banking and monetary policy issues," Reuters reported.

Schnabel is a financial economics professor at the University of Bonn and a member of the German Council of Economic Experts, an academic body that advises the government on economic policy issues.