Key Highlights

  • Christine Lagarde will step down as European Central Bank president on February 7, 2027, the bank said on Thursday.
  • Her eight-year term was scheduled to end in October 2027, meaning the departure comes several months ahead of schedule.
  • Lagarde informed the Governing Council and the President of the European Council, and policymakers gave her a long standing ovation.
  • The ECB rate decision is due at 1315 GMT on Thursday, followed by Lagarde's press conference at 1345 GMT.

The European Central Bank (ECB) said on Thursday that President Christine Lagarde has resigned and will step down from her position on February 7, 2027. Lagarde has led the euro area's central bank since 2019. Her term was due to end in October 2027.

Lagarde informed the Governing Council and the President of the European Council of her decision. The Governing Council thanked her warmly and gave her a long standing ovation. The ECB statement did not give a reason.

Succession Process

The ECB said her successor will be appointed by the European Council, following the nomination process set out in Article 283 of the Treaty on the Functioning of the European Union.

Speculation about an early exit had circulated earlier in 2026. In February, media reports suggested she could leave before her term expired, and the ECB said at the time that no decision had been made. Lagarde later said she expected to complete her term.

Leadership Role at the ECB

The ECB president is appointed for an eight-year term. The president chairs meetings of the Governing Council and represents the bank publicly. The council includes the Executive Board members and the governors of euro area national central banks.

Rate Decision and Press Conference Timing

The announcement came ahead of the ECB's latest Interest Rate decision, which is due at 1315 GMT on Thursday. Lagarde's regular press conference is scheduled for 1345 GMT.

The Governing Council sets Monetary Policy for the euro area.