Lagarde to leave ECB presidency on February 7, 2027

Christine Lagarde will leave her post as European Central Bank president on February 7, 2027, about nine months before her eight-year term was due to end, the ECB said Thursday. The bank said Lagarde informed its Governing Council and European Council President António Costa of her decision. It did not give a reason for her early departure. Her term had been scheduled to end on October 31, 2027. Costa said the process to appoint a successor would begin immediately and proceed without delay. Under the EU procedure, European leaders make the appointment by qualified majority, following a recommendation from finance ministers and consultations with the European Parliament and the ECB’s Governing Council. No successor has been appointed. Former Dutch central-bank governor Klaas Knot and former Bank of Spain governor Pablo Hernández de Cos have been mentioned as possible candidates. Their names have surfaced in succession discussions, but neither has been formally selected. Lagarde’s departure comes before France’s spring 2027 presidential election. Some analysts have said the timing could give President Emmanuel Macron a role in shaping the succession before he leaves office. That...