Lagarde to leave ECB on February 7, 2027

Christine Lagarde will leave her post as president of the European Central Bank on February 7, 2027, about nine months before her eight-year term is scheduled to end, opening the process to choose her successor. The ECB said Lagarde informed its Governing Council and European Council President António Costa of her decision on October 29. Her term, which began in November 2019, is scheduled to end on October 31, 2027. The ECB has not given a reason for her early departure. Costa said the process to appoint a successor would begin immediately. Under the stated procedure, the Council of the European Union first makes a recommendation, followed by consultations with the European Parliament and the ECB Governing Council. The European Council makes the final appointment by qualified majority. The ECB has not named a successor or nominee. Former Dutch central bank chief Klaas Knot and former Bank of Spain governor Pablo Hernández de Cos have been reported as possible candidates, but neither has been formally put forward. Other names have also appeared in reporting, without an official nomination. An unnamed source with direct knowledge, cited in reporting, said Lagarde was leaving...