ECB Governing Council

27 April 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.

Name	Age	Nationality	Hawk/Dove	Date Joined	Current Term Start	Current Term End	Photo	Comment	Position	Birthdate	Term Length	Term Limit	No. of Terms	Voter Ref.
Vasle Boštjan Vasle	54	SI	1.25	9 Jan 2019	9 Jan 2019	8 Jan 2025		/theysaidit.html#Vasle	Governor, Banka Slovenije	4 Dec 1969	6 years		1	m26
Centeno Mário Centeno	57	PT	-1.5	20 Jul 2020	20 Jul 2020	19 Jul 2025		/theysaidit.html#Centeno	Governor, Bank of Portugal	9 Dec 1966	5 years		1	m24
Knot Klaas Knot	57	NL	1.5	1 Jul 2011	1 Jul 2018	30 Jun 2025		/theysaidit.html#Knot	President, De Nederlandsche Bank	14 Apr 1967	7 years		2	m23
Scicluna Edward Scicluna	77	MT	-0.5	1 Jan 2021	1 Jan 2021	31 Dec 2025		/theysaidit.html#Scicluna	Governor, Central Bank of Malta	12 Oct 1946	5 years		1	m22
Reinesch Gaston Reinesch	65	LU	1	1 Jan 2019	1 Jan 2019	31 Dec 2025		/theysaidit.html#Reinesch	Governor, Banque centrale du Luxembourg	17 May 1958	7 years		2	m21
Šimkus Gediminas Šimkus	46	LT	1	1 Apr 2021	1 Apr 2021	30 Mar 2026		/theysaidit.html#Šimkus	Governor, Bank of Lithuania	16 Feb 1978	5 years		1	m20
Kazāks Mārtiņš Kazāks	50	LV	1.25	21 Dec 2019	21 Dec 2019	20 Dec 2024		/theysaidit.html#Kazāks	Governor, Latvijas Banka	19 Sep 1973	5 years		1	m19
Cipollone Piero Cipollone	62	EU	-1.5	1 Nov 2023	1 Nov 2023	31 Oct 2031		/theysaidit.html#Cipollone	ECB Board member	3 Jan 1962	8 years	1		m18
Makhlouf Gabriel Makhlouf	63	IE	0.25	1 Sep 2019	1 Sep 2019	31 Aug 2026		/theysaidit.html#Makhlouf	Governor, Central Bank of Ireland	16 May 1960	7 years		1	m17
Stournaras Yannis Stournaras	67	GR	-1.75	20 Jun 2014	27 Jun 2020	26 Jun 2026		/theysaidit.html#Stournaras	Governor, Bank of Greece	10 Dec 1956	6 years		2	m16
Nagel Joachim Nagel	57	DE	1.75	1 Jan 2022	1 Jan 2022	31 Dec 2030		/theysaidit.html#Nagel	President, Deutsche Bundesbank	31 May 1966	8 years		1	m15
Villeroy François Villeroy de Galhau	65	FR	0.25	1 Nov 2015	1 Nov 2021	31 Oct 2027		/theysaidit.html#Villeroy	Governor, Banque de France	24 Feb 1959	6 years		1	m14
Välimäki Tuomas Välimäki	54	FI	0.5	21 Jun 2023	12 Jul 2018	11 Jul 2025		/theysaidit.html#Välimäki	Board member, Bank of Finland	14 Sep 1969	7 years		1	m13
Müller Madis Müller	47	EE	1	7 Jun 2019	7 Jun 2019	6 Jun 2026		/theysaidit.html#Müller	Governor, Bank of Estonia	20 Jan 1977	7 years	1	1	m12
Herodotou Constantinos Herodotou	50	CY	-0.75	11 Apr 2019	11 Apr 2019	10 Apr 2024		/theysaidit.html#Herodotou	President, Central Bank of Cyprus	2 Sep 1973	5 years		1	m11
Vujčić Boris Vujčić	59	HR	0.75	1 Jan 2023	13 Jul 2018	12 Jul 2024		/theysaidit.html#Vujčić	Governor, Croatian National Bank	2 Jun 1964	6 years		2	m10
Wunsch Pierre Wunsch	56	BE	1.75	2 Jan 2019	1 Jan 2024	31 Dec 2028		/theysaidit.html#Wunsch	Governor, National Bank of Belgium	12 Dec 1967	5 years		2	m9
Holzmann Robert Holzmann	75	AT	1.75	1 Sep 2019	1 Sep 2019	31 Aug 2025		/theysaidit.html#Holzmann	Governor, Austrian National Bank	27 Feb 1949	6 years		1	m8
Elderson Frank Elderson	53	EU	0.75	15 Dec 2020	15 Dec 2020	14 Dec 2028		/theysaidit.html#Elderson	ECB Board member	18 May 1970	8 years	1	1	m7
Panetta Fabio Panetta	64	IT	-1.75	1 Nov 2023	1 Nov 2023	31 Oct 2027		/theysaidit.html#Panetta	Governor, Bank of Italy	1 Aug 1959	6 years		1	m6
Lane Philip Lane	54	EU	-1.5	1 Jun 2019	1 Jun 2019	31 May 2027		/theysaidit.html#Lane	ECB Board member	27 Aug 1969	8 years	1	1	m5
Schnabel Isabel Schnabel	52	EU	1	1 Jan 2020	1 Jan 2020	31 Dec 2027		/theysaidit.html#Schnabel	ECB Board member	9 Aug 1971	8 years	1	1	m4
de Guindos Luis de Guindos	64	EU	-0.25	1 Jun 2018	1 Jun 2018	31 May 2026		/theysaidit.html#de_Guindos	ECB Vice-President	16 Jan 1960	8 years	1	1	m3
Lagarde Christine Lagarde	68	EU	0.25	1 Nov 2019	1 Nov 2019	31 Oct 2027		/theysaidit.html#Lagarde	ECB President	1 Jan 1956	8 years	1	1	m2
de Cos Pablo Hernandez de Cos	53	ES	-1.5	11 Jun 2018	11 Jun 2018	10 Jun 2024		/theysaidit.html#de_Cos	Governor, Bank of Spain	20 Jan 1971	6 years		1	m27
Kažimír Peter Kažimír	55	SK	1.25	1 Jun 2019	1 Jun 2019	1 Jun 2025		/theysaidit.html#Kažimír	Governor, Národná banka Slovenska	28 Jun 1968	6 years		1	m25

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.