The president of the European Central Bank is stepping down eight months early. The European Council will appoint her successor amid high inflation in the eurozone.
According to Diario de Pontevedra, the president of the European Central Bank, Christine Lagarde, has informed the Governing Council and the president of the European Council, António Costa, that she will leave her position on February 7, 2027. Her term was set to conclude at the end of October 2027, meaning her departure is eight months early.
In a brief statement, the ECB indicates that the successor will be appointed by the European Council, according to the procedure outlined in the Treaty on the Functioning of the European Union.
“the successor to President Lagarde will be appointed by the European Council”
The Governing Council expressed its deep gratitude to Lagarde and gave her a lengthy ovation.
The departure comes at a time of tension: the yield on France's sovereign debt is rising sharply, and the eurozone is facing high inflation due to the rising energy prices caused by the war in Iran.
Lagarde, a former French finance minister, has hinted at her interest in the upcoming French presidential elections, although she herself rules out being a candidate. There have long been rumours that she would leave her position before that election, in which Marine Le Pen is seen as a frontrunner. With her early departure, Emmanuel Macron will be able to influence the choice of the next ECB president.
Among the leading candidates is the Spanish Pablo Hernández de Cos, general director of the Bank for International Settlements and former governor of the Bank of Spain. For now, Lagarde has not announced what she will do after her departure, although there are rumours that she could take over the presidency of the World Economic Forum.
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