MercoPress. South Atlantic News Agency

Christine Lagarde to step down early as European Central Bank president in February

Lagarde informed the ECB’s Governing Council and European Council President António Costa of her decision; the European Council is responsible for appointing her successor

European Central Bank (ECB) President Christine Lagarde will leave her post on February 7, 2027, almost nine months before her term is due to end in late October that year, the Frankfurt-based institution announced on Thursday.

Lagarde informed the ECB’s Governing Council and European Council President António Costa of her decision; the European Council is responsible for appointing her successor. The European Union launched the selection process the same day. “To ensure a smooth transition of the ECB’s next leadership, the process for appointing her successor will start today,” Costa wrote on social media.

The Financial Times reported in February that Lagarde intended to leave before France’s presidential election in April 2027, which the ECB denied at the time. According to a source quoted by the newspaper, she wanted to make it easier for French President Emmanuel Macron and German Chancellor Friedrich Merz to agree on who will lead one of the EU’s most important institutions.

Lagarde, a former French finance minister, became ECB president in November 2019 after heading the International Monetary Fund from 2011.