Lagarde to leave the ECB nine months early
European Central Bank President Christine Lagarde will step down on Feb. 7, 2027, about nine months before her eight-year term ends.
Christine Lagarde will step down as president of the European Central Bank on Feb. 7, 2027, the bank announced on Thursday. That is about nine months before her eight-year term was due to end.
The ECB, which sets interest rates for the countries that use the euro, did not give an official reason for the early exit. Reports have linked the timing to France's presidential election in 2027, saying an earlier departure would let French President Emmanuel Macron take part in choosing her successor before he leaves office.
EU leaders appoint the ECB president, and officials said the process to find a replacement is starting right away. Several current and former central bankers from around the euro area have been mentioned as possible candidates.
Lagarde, a former French finance minister and head of the International Monetary Fund, took over at the ECB in 2019. Her time in charge included the pandemic and a sharp rise in inflation that led the bank to raise rates quickly.
The announcement came on the same day the ECB was due to publish its latest interest rate decision.
This summary is original reporting by tehworldnews, written after checking the facts against several major international news outlets and official statements.