Christine Lagarde to step down as ECB president on 7 February 2027

Christine Lagarde will step down as president of the European Central Bank on 7 February 2027, leaving several months before the end of her eight-year term and opening a leadership transition at the Frankfurt-based institution.

The ECB announced her decision on Thursday, 29 October. Lagarde informed both the bank’s Governing Council and European Council President António Costa that she would leave the post, which she has held since November 2019.

Her term had been due to run until the end of October 2027. Costa said the process of choosing her successor would begin immediately, bringing the appointment timetable forward ahead of France’s presidential election next year.

Successor selection to begin immediately

The next ECB president will be appointed by the European Council under the procedures set out in the European Union treaties. The process includes consultation with the ECB and the European Parliament.

“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 said.

Lagarde’s early departure follows months of speculation about her future. It also allows EU leaders to move towards choosing her replacement while French President Emmanuel Macron remains in office.

There had been speculation that an early exit would enable leaders to settle the succession before a possible election victory by Marine Le Pen, the right-wing National Rally politician and critic of European integration. That political context does not establish Lagarde’s reason for leaving.

Seoul Economic Daily identified former Dutch central bank governor Klaas Knot and former Bank of Spain governor Pablo Hernández de Cos as leading contenders. Those reported candidacies are not an announcement of a nominee or an appointment.

A tenure shaped by pandemic and inflation

Lagarde became ECB president after serving as managing director of the International Monetary Fund and, before that, as France’s finance minister.

Her time at the central bank spanned the COVID-19 pandemic and the inflation surge that followed Russia’s invasion of Ukraine in 2022, when rising energy prices added to pressure on the euro-area economy.

Thanking Lagarde for her service, Costa said she had provided “steady and determined stewardship” through a global pandemic, war in Europe, energy crises and inflation shocks.

The announcement sets a firm departure date for Lagarde, while the choice of her successor now moves into the EU’s appointment process.