Lagarde resigns from the ECB: she will leave on February 7, 2027
29 OCT, 2026
By Joanna Piwko from RankiaPro Europe
Christine Lagarde will leave the presidency of the European Central Bank on February 7, 2027, almost nine months before the end of her term, which was due to expire on October 31, 2027. The president announced her decision today, Thursday, October 29, 2026, to the Governing Council and European Council President António Costa, as reported in the ECB’s official statement.
Lagarde arrived in Frankfurt on November 1, 2019, succeeding Mario Draghi. She is the ECB’s fourth president and its second French president. Before her, only Dutchman Wim Duisenberg had left early, but his departure had been agreed upon when the central bank was established in 1998.
The news comes on the day of the monetary policy meeting. The interest rate decision is expected at 2:15 p.m. Italian time, followed by Lagarde’s press conference at 2:45 p.m. The announcement did not significantly move markets, which had been widely prepared by months of speculation.
Why now: the French presidential election factor
An early departure allows current European leaders to choose a successor before the French presidential election in spring 2027, when polls show Marine Le Pen’s National Rally in the lead. This means the appointment will take place while Emmanuel Macron is still at the Élysée Palace.
According to a “source familiar with the matter” cited by Reuters, Lagarde decided to leave because she could no longer remain neutral on French politics and wanted greater freedom to speak out.
Speculation about an early departure had been circulating for months, with the World Economic Forum cited as a likely next destination.
The succession: three months to reach an agreement
European Council President António Costa immediately initiated the succession procedure, governed by Article 283 of the Treaty on the Functioning of the European Union.
The frontrunners are Spaniard Pablo Hernández de Cos, former governor of the Banco de España and now head of the Bank for International Settlements, and Dutchman Klaas Knot, former governor of the central bank of the Netherlands.
