Isabel Schnabel is a Member of the Executive Board of the European Central Bank, and she joins David on Macro Musings to talk about the ECB and its new operational framework. Specifically, David and Isabel also discuss the structure, operations, and monetary policy instruments of the ECB, the history of its operating framework, the details surrounding its new regime, and more.   Transcript for this week's episode.   Isabel’s Twitter: @Isabel_Schnabel Isabel’s ECB profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *The Eurosystem’s Operational Framework* - Speech by Isabel Schnabel at the Money Market Contact Group meeting   Slides for *The Eurosystem’s Operational Framework* by Isabel Schnabel   *Back to Normal?* Balance Sheet Size and Interest Rate Control* - Speech by Isabel Schnabel at an event organized by Columbia University and SGH Macro Advisors   Slides for *Back to Normal? Balance Sheet Size and Interest Rate Control* by Isabel Schnabel