European Central Bank President Christine Lagarde will resign effective February 7, 2027, nine months before her term is set to end in October 2026. The announcement comes as the ECB prepares to name a successor, with the process set to begin immediately. Lagarde's departure opens the door for European leaders to select a new chief before the French presidential elections in April.
Lagarde, who took over the ECB in November 2019, has ruled out running for re-election. She has been linked to a potential role at the World Economic Forum, but her resignation is expected to trigger a swift succession process. The ECB's head, Antonio Costa, praised her leadership during her tenure, which included navigating the pandemic, the Ukraine war, and energy crises.
The resignation marks the end of Lagarde's tenure, which spanned the Covid-19 pandemic and the inflationary surge following Russia's invasion of Ukraine. The ECB's leadership transition is expected to be expedited, with the appointment of a new president likely to occur without delay. The timing of her resignation is significant as it coincides with the upcoming French presidential elections, where far-right and far-left candidates are leading in opinion polls.