Christine Lagarde told colleagues on Thursday that she would step down as European Central Bank president on 7 February 2027, then received a long standing ovation from the bank’s Governing Council.
In a post on X, Lagarde wrote: “I have just informed my colleagues that I will step down as @ECB President on 7 February 2027.” She said: “It has been a source of great pride to serve this institution. I thank all of those who have supported me on this journey over the past seven years.”
Her exit will come nearly nine months before her term was due to end in October 2027. Lagarde has led the central bank since November 2019.
She informed the Governing Council and the European Council president, António Costa, of her decision. Costa said the process of choosing a successor would begin immediately.
“She has provided a steady and determined stewardship, helping to safeguard stability and the resilience of the euro area,” Costa said.
The European Council will appoint the next president through the nomination procedure set out in Article 283 of the Treaty on the Functioning of the European Union. The identity of Lagarde’s successor, and the timetable for that process, remain unknown.
Klaas Knot, the former head of the Netherlands central bank, is widely regarded as a leading contender. Pablo Hernández de Cos, the former head of Spain’s central bank, is also widely regarded as a leading contender.
The contest comes during a wider changeover on the ECB’s six-member Executive Board. Isabel Schnabel is due to leave in January for a senior role at the International Monetary Fund. Philip Lane’s term as chief economist ends in May.
Lagarde was born in Paris in 1956. She became the first female Finance Minister of a G7 country in 2007, then became managing director of the International Monetary Fund in 2011.
The succession will also take place as France prepares for a presidential election next year. Marine Le Pen, the National Rally leader, is currently the leading candidate for French president.
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