Christine Lagarde will step down as president of the European Central Bank on 7 February 2027, the bank confirmed. That is eight and a half months before her non-renewable eight-year term expires on 31 October. She informed the Governing Council of the exact date on Thursday, ahead of the October interest rate decision. The ECB raised rates twice this year, and its main refinancing rate now stands at 2.50 percent, in force since 28 October.
Her 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. The timing matters because it allows the outgoing French and German leaders to choose the next president together, before the 2027 French presidential election.
Two candidates in contention
The Financial Times reported in February that Lagarde was leaving early so that President Emmanuel Macron and Chancellor Friedrich Merz could agree on her replacement. Macron cannot run for a third term.
Bloomberg reported that France backs Klaas Knot, with the chief economist post going to a French candidate. Germany reportedly would have strongly opposed that arrangement. Pablo Hernández de Cos is the other candidate, backed by Spanish Prime Minister Pedro Sánchez. Germany has not put forward its own candidate, although Bundesbank president Joachim Nagel has ambitions for the post.
Lagarde’s own account
On 18 September Lagarde confirmed to RTÉ Radio that she would leave in 2027. She did not clearly say whether this marked the end of her mandate. Isabel Schnabel leaves for the IMF in January 2027, and Philip Lane’s term also ends in 2027.
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Source: European Central Bank
