ECB President Christine Lagarde to step down in February 2027

Christine Lagarde has announced that she will step down as President of the European Central Bank (ECB) on 7 February 2027, nine months before the scheduled end of her term.

The announcement was made on 29 October, with Lagarde informing the ECB’s Governing Council and European Council President António Costa of her decision.

Lagarde, who has led the ECB since November 2019, said she wanted greater freedom to speak publicly about global economic and political issues beyond the central bank’s monetary policy remit.

“I want to have the freedom of speech, the freedom of expression and the freedom to engage on matters that are not monetary policy matters,” she said.

Lagarde also expressed concern about the misrepresentation of facts in public debate, explaining that the ECB’s strict neutrality requirements limited her ability to comment on wider international developments.

Her departure comes at a challenging time for the eurozone economy, with weak growth and inflationary pressures continuing to influence monetary policy. The ECB has maintained its key deposit rate at 2.5%, despite inflation reaching 3.8%.

The European Council will appoint Lagarde’s successor through the nomination process set out in Article 283 of the Treaty on the Functioning of the European Union.

Lagarde said the process of identifying her successor was already underway, adding that there were “plenty of excellent candidates”.

The ECB Governing Council thanked Lagarde for her leadership, giving her a standing ovation following the announcement.