Lagarde Will Leave ECB Presidency in February 2027, Ahead of Schedule

The European Central Bank announced Thursday that President Christine Lagarde will leave office Feb. 7, 2027, before her term ends in October, bringing forward a leadership change at the euro-area central bank.

Lagarde told the ECB’s Governing Council and European Council President Antonio Costa of her decision Thursday. Her successor will be appointed by the European Council through the nomination process set out in Article 283 of the Treaty on the Functioning of the European Union.

Pablo Hernández de Cos of Spain and Klaas Knot of the Netherlands are competing for the post. De Cos previously led the Bank of Spain and now heads the Bank for International Settlements.

The new president will oversee interest-rate policy for the euro area’s 21 member countries, a bloc of more than 350 million people. The selection will shape leadership of the institution responsible for monetary policy across the bloc.

Lagarde is the ECB’s fourth president and the second from France. Her term had been scheduled to end in October 2027.