FRANKFURT — Christine Lagarde will step down as president of the European Central Bank on February 7, 2027, about nine months before her eight-year term was due to end, the bank said Thursday.
“European Central Bank President Christine Lagarde today informed the Governing Council and the president of the European Council Antonio Costa that she will step down from her position on 7 February 2027,” the ECB said in a statement. Costa said the process to choose her successor would begin immediately.
No reason was given. There has been speculation that an early exit would let EU leaders pick her successor before French elections next spring, which could see a eurosceptic far-right victory influence the choice. The Guardian reported that Lagarde is seen as a candidate to lead the World Economic Forum.
“I leave this institution with a sense of good work done and an ECB that is fit for the future,” Lagarde, a former French finance minister and IMF chief, said in a short video.
The announcement comes as the ECB meets this week and is expected to hold its deposit rate at 2.5% after two hikes since June to curb inflation driven by the energy shock from the Iran war, DW reported. The meeting is also likely to focus on France, where government borrowing costs rose to their highest level in 25 years last week amid a budget deadlock.
Sources: DW, The Guardian
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