The President of the European Central Bank (ECB), Christine Lagarde, whose term expires in October next year, announced yesterday that she will resign early from her post - on February 7. At a press conference after the end of the ECB's monetary policy meeting, she explained that she was resigning in order to have the freedom to speak "on non-monetary issues".
With her early resignation, Christine Lagarde gives French President Emmanuel Macron the opportunity to participate in the selection of her successor, a number of newspapers in the country write, including "Le Monde" and "Figaro".
The decision was announced amid reports that the 70-year-old Frenchwoman could be elected as soon as next month as president of the World Economic Forum, as well as speculation about her possible return to the political scene in her homeland.
Lagarde's early retirement leaves European Union (EU) leaders several months to choose a person for one of the most influential economic posts in the bloc before the presidential election in France in the spring of 2027, Reuters notes. According to opinion polls, the favorite in the election is the far-right candidate Marine Le Pen.
President Macron, who is not eligible for a third five-year term, is in a difficult situation, and according to a public opinion poll published earlier this month by the "Tribune Dimanche" newspaper, his rating is at a record low - just 15%. France has been gripped by protests that have been accompanied by violence, and the eurozone's second-largest economy is facing serious fiscal problems: French government bond yields rose to levels not seen in more than two decades, briefly crossing the psychological threshold of 5 percent (for bonds maturing in 10 years) last week, before falling to 4.94 percent the day before yesterday.
This departure is no surprise to anyone, given how widely the rumors have circulated. Nevertheless, it has stirred everyone - in France and across Europe, in economic and financial circles, as well as in the political sphere, notes "Figaro".
By accelerating her departure, the Frenchwoman is giving President Macron the opportunity to play a role in choosing her successor. This strategic appointment will be made before the presidential elections and against the backdrop of the risk of a financial crisis that is looming over France, commented "Figaro".
"Monde" writes, for its part, that it remains to be seen what the next step will be for Lagarde, a well-known name in major international organizations. Although French politics does not seem to be in her plans, she does not necessarily intend to turn her back on public life. After rejecting the possibility of running for president at the end of September, her name is now mentioned among the potential candidates for president of the World Economic Forum in Davos, the publication recalls.
A representative of the conservative trend in politics and a liberal in economic beliefs, Christine Lagarde is a former managing director of the International Monetary Fund. A lawyer by training, she has held a number of positions in the French government, including being the first female finance, economy and industry minister.
Christine Lagarde is an authoritative figure whose voice is heard and can influence political debates in France.
"I think that this way I can help causes that I support", Lagarde said at a press conference at the ECB headquarters in Frankfurt am Main, without giving details, and recalled that as president of the European Union's financial institution she is obliged to be neutral.
"I am interested in the truth", which is now "distorted", she added significantly, again without going into details.
All this leaves much to be desired as to what Christine Lagarde's next moves will be.
In September, she dismissed the possibility to run for president, but in February he assured in an interview with the "Wall Street Journal" that he intends to fulfill his mandate as head of the ECB to the end...
Lagarde announced yesterday that she will step down as ECB president on February 7 - eight months before her term ends in October, two and a half months before the French presidential election and one month before the deadline for submitting candidacies, notes "Figaro" and asks: "What if (still) Christine Lagarde joins the race for the Elysee Palace?" She is currently the third most popular figure among the French according to a survey conducted by the IFOP institute for "Paris Match" magazine, ahead of the election favorite Marine Le Pen by one percentage point and has a significant lead over all possible candidates from the political center. Christine Lagarde also has the necessary international authority, comments "Figaro".
In any case, one of the most important voices in financial circles intends to exert influence in France during the elections, summarizes the economic daily "Les Eco".
V. "Libération" also writes that Lagarde's early retirement will allow Macron to participate in the selection of her successor, but notes that Germany - the largest economy in the eurozone, has already applied to receive greater weight in the Frankfurt am Main-based EU financial institution.
According to the German economic daily "Handelsblatt", Chancellor Friedrich Merz recently held separate meetings with the two presumed favorites for the post - the former governors of the central banks of the Netherlands and Spain, Klaas Knot and Pablo Hernandez de Cos. The publication cites sources familiar with the talks and indicates that the selection of the next president of the ECB has become a priority for the chancellery in Berlin.
A candidacy outside the circle of favorites is not ruled out, however, notes the "Bloomberg" agency, recalling that when she was elected in October 2019, Lagarde herself joined the race at the last minute.