ECB boss Lagarde resigns early in February

Central bank ECB boss Lagarde resigns early in February As of: October 29, 2026 • 1:51 p.m

There have been rumors for a long time, now it is confirmed: ECB boss Lagarde is leaving her post early in February. This means the successor can be decided before the presidential election in France.

Christine Lagarde steps down early as President of the European Central Bank. The Frenchwoman will leave her post on February 7, 2027, the ECB announced. Lagarde's eight-year term would end at the end of October 2027.

The heads of state and government of the 21 euro states are now called upon to regulate the Frenchwoman's successor earlier. Lagarde's departure will enable outgoing French President Emmanuel Macron and Chancellor Friedrich Merz (CDU) to clarify the replacement of one of the most important top positions in Europe before the election in France.

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Lagarde's resignation does not come as a surprise; there have been rumors of an early departure for a long time. As early as February 2026, the Financial Times reported that Lagarde wanted to withdraw before the presidential election in France in April 2027. The background is concerns that Euro-critical right-wing populists led by Marine Le Pen could win the elections in the second largest euro economy, which could make it more difficult to fill the top of the ECB.

Macron is not allowed to run again in the presidential election. In an interview in September, Lagarde confirmed for the first time that she was considering leaving the ECB "a few months" earlier. There has been repeated speculation recently about Lagarde's move to the World Economic Forum.

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EU Council President António Costa thanked Lagarde for her services: "Europe has benefited greatly from her leadership in uncertain times and her unwavering commitment to the European project," he said. In order to ensure a smooth transition at the top of the ECB, the process for Lagarde's successor will be initiated today.

Chancellor Friedrich Merz (CDU) also praised Lagarde's achievements. She led the ECB confidently in challenging times. "The stability of the euro and the independence of the central bank were in good hands with her." According to Merz, the successor should be clarified in the next two months. “The appointment process provided for in the EU treaty is now beginning, which we will complete with the heads of state and government of the eurozone by the end of the year.”

Bundesbank President Joachim Nagel has come into play as Lagarde's successor. Europe's largest economy, Germany, has never headed the ECB in the central bank's more than 25-year history. However, the favorites to succeed Lagarde are the former Dutch central bank chief Klaas Knot and the Spaniard Pablo Hernández de Cos, who is head of the Bank for International Settlements.

ECB Director Isabel Schnabel, who also expressed interest in succeeding Lagarde, will move to the International Monetary Fund (IMF) in Washington at the beginning of January 2027.

This topic in the program: tagesschau24 | News | Oct 29, 2026 | 11:00 a.m