Christine Lagarde will step down as President of the European Central Bank on February 7, 2027. The decision was announced by the ECB on Thursday, months before her regular term ends in October 2027.
„President Christine Lagarde will step down from her post on February 7 next year“, the European Central Bank said in a statement.
Early departure after more than seven years
Lagarde has led the ECB since July 2019 and will vacate the post after more than seven years at the helm of the institution. Her term was originally set to run until October 2027, but the new date for her departure is February 7, 2027.
The news ends months of speculation about a possible early departure. In September, Lagarde said she would stay at the ECB through 2027, but left open whether she would serve out her full term.
Decision comes before interest rate meeting
The announcement came before the ECB’s last interest rate decision of the day. At the time of the announcement of her departure, the decision was still pending.
Members of the ECB’s Governing Council saw Lagarde off to a standing ovation. The information submitted does not indicate who her successor will be or when the selection process will begin.
The early release of the post will open a new conversation about the leadership of the central bank, whose chairman has a key role in determining the monetary policy of the eurozone.
Sources: cnbc.com, nytimes.com