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

The European Central Bank announced that Christine Lagarde will leave the presidency on 7 February 2027, months before her eight-year term ends, opening the race to choose her successor.

The European Central Bank announced on Thursday 29 October 2026 that Christine Lagarde will step down as its president on 7 February 2027, about nine months before her eight-year term was due to end. According to the bank, Lagarde informed the Governing Council, which sets eurozone interest rates, and European Council President António Costa of her decision. The Governing Council thanked her warmly and gave her a long standing ovation, the ECB said. The news came on the same day the bank was due to announce its latest rate decision, which was widely expected to leave rates unchanged.

Costa praised her dedication as ECB president since November 2019 and said the process to appoint her successor would begin immediately and proceed without delay. Under EU rules, the president is appointed by the European Council by qualified majority vote, following a recommendation from EU finance ministers and consultation with the European Parliament and the ECB's Governing Council. The Guardian reported that names mentioned as potential candidates include former Dutch central bank chief Klaas Knot, Spanish banker Pablo Hernández de Cos, Bundesbank president Joachim Nagel and European Investment Bank president Nadia Calviño; none has been confirmed.

Lagarde, a former French finance minister and former managing director of the International Monetary Fund, took office in November 2019, and speculation about an early departure had been building for months. The Guardian noted she has been seen as a possible candidate to lead the World Economic Forum, though no such move has been announced. Her exit comes as the eurozone grapples with weak growth and inflation above target, and an economist quoted by the Guardian said an early appointment would let the successor be chosen while Emmanuel Macron is still in office, ahead of France's 2027 presidential election.