Lagarde to leave ECB presidency early in February 2027
Christine Lagarde, president of the European Central Bank, has announced she will step down on 7 February 2027, nine months before her eight-year term ends in late October 2027. The ECB gave no reason for the early exit. European Council President Antonio Costa said the search for a successor will begin immediately, and Klaas Knot and Pablo Hernandez de Cos are widely seen as frontrunners. Markets moved little after the news. The ECB is expected to keep its deposit rate at 2.5 per cent at its decision due 1315 GMT on Thursday, 29 Oct.
Key facts
- Lagarde was appointed in 2011 to succeed Mario Draghi and has led the ECB for seven years.
- The ECB's announcement precedes a key meeting likely to focus on France's public finances.
- Lagarde's resignation comes during a rate-hiking cycle linked to an oil-price shock from the Iran war.
- A source said Lagarde resigned to weigh in on political matters in France and globally.
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Why it matters
The early exit lets eurozone leaders pick a successor before France's presidential election, shaping the bank's leadership during a rate-hiking cycle.
What changed
First published from European Central Bank, SVT Nyheter, CNBC, The Straits Times and CNA