Lagarde to step down from ECB around nine months before term ends
Her departure is set for 7 February 2027, with two other Executive Board positions also changing hands early that year.
The European Central Bank has announced that Christine Lagarde will leave its presidency on 7 February 2027, cutting short her eight-year term by around nine months. No explanation for the early departure was provided by either Lagarde or the bank.
According to the ECB, Lagarde communicated her decision to its Governing Council and to António Costa, president of the European Council. Costa said the search for a successor would start immediately and move ahead without delay. Lagarde has headed the central bank since November 2019.
EU leaders in the European Council appoint the president by qualified majority. The procedure requires a recommendation from EU finance ministers, with both the European Parliament and the ECB’s Governing Council consulted before the appointment.
Leading candidates include Pablo Hernández de Cos, whom Spain nominated in July, and Klaas Knot. Hernández de Cos previously governed the Bank of Spain and has headed the Bank for International Settlements since 2025. Knot led the Dutch central bank from 2011 to 2025.
Two further changes are due on the ECB’s six-member Executive Board. Isabel Schnabel, whose responsibilities include market operations, will join the International Monetary Fund after leaving on 3 January 2027. The term of chief economist Philip Lane finishes on 31 May 2027.
