European Central Bank President Christine Lagarde will leave office on 7 February 2027, several months before her eight-year term was due to end, bringing forward the process of choosing the next head of the euro area’s central bank.
The ECB said Lagarde informed its Governing Council and European Council President António Costa of her decision on 29 October. Her successor will be appointed by the European Council under the procedure set out in EU treaties.
Lagarde took over as ECB president in November 2019 after leading the International Monetary Fund. Her departure comes as European leaders face a series of senior appointments at the central bank, making the choice of a successor an important issue for the euro area’s monetary-policy leadership.
The ECB’s announcement did not give a reason for the early departure. Reuters reported that speculation about Lagarde leaving before the end of her term had been circulating for months. The decision means EU leaders will need to settle on a successor sooner than originally expected.
