ECB President Christine Lagarde to Step Down on 7 February 2027, Nine Months Early

ECB President Christine Lagarde to Step Down on 7 February 2027, Nine Months Early

European Central Bank President Christine Lagarde has announced she will step down on 7 February 2027, leaving her post about nine months before her eight-year term was due to end in October 2027. Lagarde told the ECB Governing Council and European Council President António Costa of her decision on Thursday, and the ECB confirmed it in a statement the same day. She gave no reason for the early departure, saying only that it had been a source of great pride to serve the institution.

Lagarde, 70, has led the eurozone's central bank since November 2019, steering it through the pandemic, the war in Ukraine, an energy crisis and the sharpest inflation surge in a generation. Under her presidency the ECB launched a €1.85 trillion pandemic emergency bond-buying programme, then raised interest rates ten times between July 2022 and September 2023 as prices soared. Her tenure also saw early work on a digital euro and, in September, a new system for settling tokenised asset trades in central bank money.

Costa said the process to choose her successor would begin immediately and proceed without delay, with European leaders aiming for an orderly handover. Under EU treaty rules, the European Council appoints the next president on a Council recommendation after consulting the European Parliament and the ECB's Governing Council. The timing also opens the way for leaders to pick a successor before France's presidential election in April, and Lagarde has been tipped in reports as a possible future head of the World Economic Forum, though neither she nor the forum has confirmed it.

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