EU
Christine Lagarde to leave the ECB on Feb. 7, 2027, nine months before her term ends
The European Central Bank president informed the Governing Council and European Council President António Costa that she will step down. EU leaders are immediately starting the search for a successor.
By ANN Newsroom · Newsroom
October 29, 2026, 12:30 · Updated 18:43 · 2 min read
In brief
- Lagarde will leave the helm of the ECB on Feb. 7, 2027, although her term was due to run until Oct. 31, 2027.
- Her successor will be appointed by the European Council under Article 283 of the Treaty on the Functioning of the EU.
- Klaas Knot and Pablo Hernández de Cos are mentioned as the frontrunners for the job.
Christine Lagarde will step down as president of the European Central Bank (ECB) on Feb. 7, 2027, about nine months before the end of her eight-year term. According to an ECB announcement on Thursday, she informed the bank's Governing Council and European Council President António Costa of her decision. Governing Council members thanked her and gave her a long standing ovation.
The race for a successor begins
Lagarde's successor will be appointed by the European Council under the procedure set out in Article 283 of the Treaty on the Functioning of the European Union. Costa said the selection process “will be initiated today and will proceed without delay,” according to the AP news agency. The leading candidates are said to be former Dutch central bank governor Klaas Knot and Bank for International Settlements General Manager Pablo Hernández de Cos, a former governor of the Bank of Spain.
European leaders will also have to fill two other seats on the Executive Board: chief economist Philip Lane's term ends in May 2027, while Isabel Schnabel is expected to leave in early January to join the International Monetary Fund. Economist Holger Schmieding said the EU is likely to aim for a deal on all three posts before the Dec. 17–18 summit.
The shadow of France's election
Speculation about an early departure had circulated for months and was linked to France's 2027 presidential election. Leaving now allows Emmanuel Macron, still president, to have a say in choosing her successor, ahead of a possible victory by Marine Le Pen, whom polls show as the favorite. “That she leaves early is no surprise and does not change the outlook for ECB policies,” Schmieding said.
Lagarde, a former head of the International Monetary Fund, took over the ECB on Nov. 1, 2019. During her tenure, the bank faced the COVID-19 pandemic, a wave of inflation and the economic fallout of the war in Ukraine.
