Christine Lagarde to step down as ECB president eight months early
European Central Bank President Christine Lagarde announced on October 29 that she will step down on February 7, 2027, roughly eight months before her term was due to expire.
Lagarde informed the ECB's Governing Council and European Council President António Costa of her decision, the central bank confirmed in an official statement.
"It has been a source of great pride to serve this institution," Lagarde wrote on X. "I thank all of those who have supported me on this journey over the past seven years."
Her successor will be appointed by the European Council under the European Union's established nomination procedure.
The announcement comes as the ECB faces elevated inflation linked to the war in Iran, geopolitical uncertainty and volatility in European bond markets, Bloomberg reported.
Potential successors include Pablo Hernández de Cos, the former governor of Spain's central bank who now heads the Bank for International Settlements, and Klaas Knot, the former head of the Dutch central bank. Economists surveyed by Bloomberg favor Hernández de Cos.
European leaders are expected to discuss the succession at summits in November and December.
Reuters previously reported, citing sources, that Lagarde could become the next chair of the World Economic Forum. No appointment has been officially announced.