ECB Governing Council

20 May 2024

This interactive table is built around Econostream's ranking of the 26 members of the European Central Bank Governing Council in terms of hawkishness/dovishness, periodically updated as views evolve. For each member, it also offers a convenient overview of select fundamental data points as well as linking directly to the respective policymaker's latest monetary policy-relevant comments.

Photo	Name	Position	Nationality	Hawk/Dove	Date Joined	Current Term Start	Current Term End	Birthdate	Term Length	Term Limit	No. of Terms
	Boštjan Vasle	Governor, Banka Slovenije	SI	1.25	9 Jan 2019	9 Jan 2019	8 Jan 2025	4 Dec 1969	6 years		1
	Mário Centeno	Governor, Bank of Portugal	PT	-1.5	20 Jul 2020	20 Jul 2020	19 Jul 2025	9 Dec 1966	5 years		1
	Klaas Knot	President, De Nederlandsche Bank	NL	1.5	1 Jul 2011	1 Jul 2018	30 Jun 2025	14 Apr 1967	7 years		2
	Edward Scicluna	Governor, Central Bank of Malta	MT	-0.5	1 Jan 2021	1 Jan 2021	31 Dec 2025	12 Oct 1946	5 years		1
	Gaston Reinesch	Governor, Banque centrale du Luxembourg	LU	1	1 Jan 2019	1 Jan 2019	31 Dec 2025	17 May 1958	7 years		2
	Gediminas Šimkus	Governor, Bank of Lithuania	LT	1	1 Apr 2021	1 Apr 2021	30 Mar 2026	16 Feb 1978	5 years		1
	Mārtiņš Kazāks	Governor, Latvijas Banka	LV	1.25	21 Dec 2019	21 Dec 2019	20 Dec 2024	19 Sep 1973	5 years		1
	Piero Cipollone	ECB Board member	EU	-1.5	1 Nov 2023	1 Nov 2023	31 Oct 2031	3 Jan 1962	8 years	1
	Gabriel Makhlouf	Governor, Central Bank of Ireland	IE	0.25	1 Sep 2019	1 Sep 2019	31 Aug 2026	16 May 1960	7 years		1
	Yannis Stournaras	Governor, Bank of Greece	GR	-1.75	20 Jun 2014	27 Jun 2020	26 Jun 2026	10 Dec 1956	6 years		2
	Joachim Nagel	President, Deutsche Bundesbank	DE	1.75	1 Jan 2022	1 Jan 2022	31 Dec 2030	31 May 1966	8 years		1
	François Villeroy de Galhau	Governor, Banque de France	FR	0.25	1 Nov 2015	1 Nov 2021	31 Oct 2027	24 Feb 1959	6 years		1
	Olli Rehn	Governor, Bank of Finland	FI	0.5	12 Jul 2018	12 Jul 2018	11 Jul 2025	31 Mar 1962	7 years		1
	Madis Müller	Governor, Bank of Estonia	EE	1	7 Jun 2019	7 Jun 2019	6 Jun 2026	20 Jan 1977	7 years	1	1
	Christodoulos Patsalides	President, Central Bank of Cyprus	CY	-0.75	11 Apr 2024	11 Apr 2024	10 Apr 2029	1 Jan 1954	5 years		1
	Boris Vujčić	Governor, Croatian National Bank	HR	0.75	1 Jan 2023	13 Jul 2018	12 Jul 2024	2 Jun 1964	6 years		2
	Pierre Wunsch	Governor, National Bank of Belgium	BE	1.75	2 Jan 2019	1 Jan 2024	31 Dec 2028	12 Dec 1967	5 years		2
	Robert Holzmann	Governor, Austrian National Bank	AT	1.75	1 Sep 2019	1 Sep 2019	31 Aug 2025	27 Feb 1949	6 years		1
	Frank Elderson	ECB Board member	EU	0.75	15 Dec 2020	15 Dec 2020	14 Dec 2028	18 May 1970	8 years	1	1
	Fabio Panetta	Governor, Bank of Italy	IT	-1.75	1 Nov 2023	1 Nov 2023	31 Oct 2027	1 Aug 1959	6 years		1
	Philip Lane	ECB Board member	EU	-1.5	1 Jun 2019	1 Jun 2019	31 May 2027	27 Aug 1969	8 years	1	1
	Isabel Schnabel	ECB Board member	EU	1	1 Jan 2020	1 Jan 2020	31 Dec 2027	9 Aug 1971	8 years	1	1
	Luis de Guindos	ECB Vice-President	EU	-0.25	1 Jun 2018	1 Jun 2018	31 May 2026	16 Jan 1960	8 years	1	1
	Christine Lagarde	ECB President	EU	0.25	1 Nov 2019	1 Nov 2019	31 Oct 2027	1 Jan 1956	8 years	1	1
	Pablo Hernandez de Cos	Governor, Bank of Spain	ES	-1.5	11 Jun 2018	11 Jun 2018	10 Jun 2024	20 Jan 1971	6 years		1
	Peter Kažimír	Governor, Národná banka Slovenska	SK	1.25	1 Jun 2019	1 Jun 2019	1 Jun 2025	28 Jun 1968	6 years		1

ECB Hawk-Dove Ranking: Visco Leaves, Panetta Stays Put and Cipollone Joins

3 November 2023

By David Barwick – FRANKFURT (Econostream) – Econostream has updated our hawk-dove ranking to take into account the latest change in the composition of the European Central Bank Governing Council, and has also made a few tweaks to other rankings.

First, as of 1 November, we have removed ex-Banca d’Italia head Ignazio Visco from the ranking. We replace him with his successor, ex-ECB Executive Board member Fabio Panetta, but despite modifying some details related to the change in his institutional affiliation, we have maintained Panetta’s very dovish ranking.

We have added to the ranking Panetta’s replacement on the Executive Board, Piero Cipollone, previously Banca d’Italia Deputy Governor. Considering it highly unlikely that the Italian government would send anyone but a dove to help set euro area monetary policy, we have ranked Cipollone as very dovish, though somewhat less so than either Visco or Panetta, pending his contributions to the discussion.

Overall, the change in the composition of the Governing Council is unlikely to result in any appreciable difference in monetary policymaking. Panetta already showed little hesitancy about staking out positions at one extreme of the hawk-dove spectrum, but his Executive Board responsibilities were not directly monetary policy-related, so that he spoke more about the digital euro than anything else.

He may thus be more publicly vocal at Banca d’Italia than he was at the ECB, potentially more so than Visco, who was somewhat reticent.

Certainly Panetta is now freer in his public interventions to disregard the line advocated by the ECB, but that does not imply any change in the positions he will support behind the closed doors of Governing Council meetings.

As for his replacement, as noted already, we have to assume that his views will align with those of his predecessor.

In addition to the above, we have implemented the following changes:

• Banque centrale du Luxembourg Governor Gaston Reinesch, already considered moderately hawkish, is now classified as slightly more hawkish.
• Central Bank of Ireland Governor Gabriel Makhlouf, previously just on the hawkish side of the centre, now sits just on the dovish side of the centre.
• Similarly, Central Bank of Malta Governor Edward Scicluna has been shifted from slightly hawkish to slightly dovish.

The latter three modifications of our ranking are the result of having shared the ranking with Governing Council members and solicited their views as to how their colleagues should rank.