ECB President Lagarde to Step Down in February 2027

European Central Bank (ECB) President Christine Lagarde will step down on February 7, 2027, several months before her eight-year term expires in October, the institution announced on Thursday.

The ECB said Lagarde had informed its Governing Council and European Council President Antonio Costa of her decision to step down.

“European Central Bank President Christine Lagarde today informed the Governing Council and the president of the European Council Antonio Costa that she will step down from her position on 7 February 2027,” the ECB said in a statement.

Her early departure will allow European leaders to select a successor before France’s presidential election in April 2027. 

The contest is expected to feature strong challenges from far-right and far-left eurosceptic candidates, who have been performing well in opinion polls.

Lagarde has previously dismissed speculation that she could run for the French presidency, telling French newspaper La Croix last month that doing so would be inadvisable.

Her future has been the subject of months of speculation, with reports suggesting she could take over leadership of the World Economic Forum, which hosts an annual gathering of political and business leaders in Davos, Switzerland.

Lagarde became ECB president in November 2019 after serving as managing director of the International Monetary Fund (IMF) and France’s finance minister.

Her time at the helm included the COVID-19 pandemic and the surge in inflation that followed Russia’s invasion of Ukraine in 2022, which drove energy prices higher.

Antonio Costa, head of the European Council, commended Lagarde’s leadership, citing her handling of the pandemic, the war in Europe, energy crises and inflation shocks. He said her tenure had helped preserve stability and resilience across the eurozone.

He added that the process of appointing her replacement would begin immediately and proceed without delay to ensure an orderly transition at the central bank.

“Through a global pandemic, a war in Europe, energy crises and inflation shocks, she has provided a steady and determined stewardship, helping to safeguard stability and the resilience of the euro area,” Costa said. 

“To ensure a smooth transition to the next leadership of the ECB, the process for the appointment of her successor will be initiated today and will proceed without delay, with a view to a timely decision,” Costa added.