CHRISTINE LAGARDE TO LEAVE EUROPEAN CENTRAL BANK IN FEBRUARY

The European Central Bank said on Thursday that its president, Christine Lagarde, will step down on 7 February 2027. The ECB said Lagarde had informed its Governing Council and European Council President Antonio Costa of her decision. She will leave nearly nine months before her term ends in October 2027. The ECB gave no reason for her early departure. Lagarde took office on 1 November 2019.

Lagarde previously served as France’s finance minister and led the International Monetary Fund from 2011 to 2019. Her time at the ECB included the Covid-19 pandemic and an inflationary period that followed Russia’s invasion of Ukraine in 2022. Costa praised her leadership through those events and the energy crises, saying she had provided “a steady and determined stewardship”. Lagarde said in a video shared on social media: “I leave this institution with a sense of good work done and an ECB that is fit for the future.”

Costa said the process of appointing a successor would begin immediately, with a view to reaching a timely decision. The European Council appoints the ECB president under EU treaty rules. France has scheduled a presidential election for April 2027, after Lagarde’s planned departure. Lagarde said last month that standing in that election would “not be a good idea”. The ECB is due to meet this week to consider interest rates.