Race to find new head of European Central Bank after Lagarde leaves early
European Central Bank President Christine Lagarde will step down in February, months before her term ends, officials said on Thursday, kicking off a race to succeed her against a turbulent backdrop in the eurozone and key elections in France.
European Central Bank (ECB) President Christine Lagarde will unexpectedly depart her role on February 7, 2027, nearly nine months earlier than her originally scheduled departure in late October of that year. The Frankfurt-based institution disclosed this decision on Thursday, after Lagarde had communicated her intentions to the ECB’s Governing Council and European Council President António Costa.
The European Council, responsible for appointing her successor, is now initiating the selection process. European Union officials announced this development on the same day.
Costa's announcement came in response to reports from February that Lagarde had intended to resign before France’s presidential election in April 2027. The ECB had previously denied these claims. According to a source quoted by The Financial Times, Lagarde's decision was driven by a desire to facilitate a smoother agreement between French President Emmanuel Macron and German Chancellor Friedrich Merz on the subsequent leader of the European Central Bank.
Lagarde, a former French finance minister, assumed the presidency of the ECB in November 2019, following her tenure as the head of the International Monetary Fund from 2011.
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