ECB chief Lagarde to step down early, triggering succession race
FRANKFURT: European Central Bank President Christine Lagarde will step down in February, months before her term ends, officials said Thursday, kicking off a race to succeed her against a turbulent backdrop in the eurozone and further afield.
European Central Bank President Christine Lagarde announced on Thursday that she will resign early, in February, nine months before her term officially ends in October 2027. Lagarde's decision to step down comes amid geopolitical turmoil in the eurozone and beyond, with growing concerns about France's public finances and the impact of the U.S. war on Iran on energy markets.
Lagarde posted on X that she felt proud and privileged to serve the institution, stating she leaves it with a sense of good work done and an ECB ready for the future. The early resignation opens the door for European leaders to choose a new ECB chief before French presidential elections in the spring, a race potentially complicated by a far-right victory.
EU chief Ursula von der Leyen and German Chancellor Friedrich Merz praised Lagarde for her leadership during challenging times, while French President Emmanuel Macron thanked her for her service.
Lagarde, a former International Monetary Fund chief and French finance minister, ruled out running for the French presidency and hinted at a possible campaign for the French position, emphasizing the importance of a European voice in politics. She stated that her decision allowed her to express herself freely on matters beyond monetary policy.
Lagarde's tenure was marked by geopolitical upheavals, including the Covid-19 pandemic, Russia's invasion of Ukraine, and the Iran conflict, all of which tested the ECB's ability to control inflation.
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