Lagarde Will Leave ECB on Feb. 7, 2027, Nearly Nine Months Early

European Central Bank President Christine Lagarde will leave office Feb. 7, 2027, nearly nine months before her term ends, opening a leadership transition at a central bank that sets monetary policy for the euro area.

Lagarde informed the ECB’s Governing Council and European Council President António Costa of her decision Thursday, Oct. 29. Her term was scheduled to end in October 2027. The European Council will appoint her successor under Article 283 of the Treaty on the Functioning of the European Union. Costa said the selection process would begin immediately.

The announcement came before the ECB’s latest rate decision. The bank kept its three main policy rates unchanged, including the deposit facility rate at 2.50%. The ECB identified rising energy prices as an upside risk to inflation and a downside risk to economic growth.

Lagarde took the ECB presidency in 2019 after serving as France’s finance minister and leading the International Monetary Fund. Her departure moves the leadership transition ahead of the end of her scheduled term.