European Central Bank President Christine Lagarde has announced that she will step down on February 7, 2027, around nine months before the scheduled end of her eight-year term.
Her early departure could allow the current members of the European Council — including French President Emmanuel Macron — to participate in appointing her successor before France’s presidential election, in which far-right candidate Marine Le Pen is currently leading the polls.
In a statement on Thursday, Lagarde revealed that she’ll leave her role in February 2027, but didn’t explain why.
“It has been a source of great pride to serve this institution,” she said. “I thank all of those who have supported me on this journey over the past seven years.”
Lagarde was appointed in October 2019 and has helped the ECB navigate the impacts of Covid-19, Russia’s invasion of Ukraine, and the US war with Iran.
Lagarde’s early departure ‘another fine swindle’
France’s presidential election is scheduled to take place in April and May next year with far-right candidate Le Pen currently leading the polls.
Europe correspondent Idafe Martín Pérez noted that Lagarde’s early departure will see Emmanuel Macron, who is one of the 27 heads of state on the European Council, help to choose a successor before Le Pen’s potential election.
Macron critic and independent journalist Alexis Poulin also noted the influence this gives Macron, and described Lagarde’s early departure as “another fine swindle.”
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When appointing a successor, euro-area members of the European Council will decide on a candidate agreed by the Eurogroup, after consulting the European Parliament and the ECB Governing Council.
France is currently dealing with a 3.4% inflation rate, its highest since January 2024. Lagarde announced her departure date ahead of an ECB policy that is expected to keep interest rates unchanged despite the high inflation.
Rising living costs across France have recently contributed to peaceful protests and violent riots in the country.
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