The European Central Bank faces a potential leadership change. Christine Lagarde, whose term ends in October 2027, is likely to step down earlier to enable Emmanuel Macron to influence the selection of her successor. This maneuver aims to prevent the appointment of the position by far-right circles after the upcoming elections in France. Germany and the Netherlands are already preparing their own candidates, heralding difficult negotiations within the European Union.

Lagarde's Premature Resignation

President Christine Lagarde plans to step down before October 2027 to neutralize the influence of the far-right on the selection of her successor after the elections in France.

Power Politics Game

President Emmanuel Macron and Chancellor Friedrich Merz are seeking a swift agreement on the appointment of the head of the most important bank in the eurozone.

List of Candidate Names

The main favorites are Pablo Hernández de Cos from Spain and Klaas Knot from the Netherlands, with Carlos Cuerpo showing no desire to run.

Reports of Christine Lagarde's planned resignation have stirred financial markets and European capitals. Although an ECB spokesperson officially states that the president is fully focused on her mission, Financial Times reports suggest that the decision to leave before the end of her eight-year term has already been made. The main motive is said to be the electoral calendar in France. The ECB is a key body, and its independence is now becoming the subject of political debate. Emmanuel Macron wants to ensure that the new head of the bank has a European anchor before he himself leaves the Élysée Palace in May 2027. Similar precedents have already occurred in the history of the ECB. The first president, Dutchman Wim Duisenberg, resigned in 2003, halfway through his term, following an unofficial agreement that allowed Frenchman Jean-Claude Trichet to take the helm. Speculation about Lagarde's departure coincides with the unexpected resignation of the head of the Bank of France, Francois Villeroy de Galhau. This amplifies the impression of an accelerated reshuffle in European central banking. Among the potential successors, Spaniard Pablo Hernández de Cos and Dutchman Klaas Knot are most frequently mentioned. Berlin, represented by Chancellor Friedrich Merz, also hopes for stronger influence on the eurozone's monetary policy, which could lead to a broad political agreement between France and Germany. October 2027 — is the official end date of Lagarde's term Investors are watching these reports with concern, fearing consequences for the euro exchange rate and the future fight against inflation. A sudden change at the top amid global trade tensions, partly triggered by the nomination of Kevin Warsh as head of the Fed in the USA, could introduce additional market volatility. „Lagarde's earlier departure could paradoxically reduce the risk for the euro, protecting the ECB's independence from the influence of a National Rally victory in France.” — Jane Foley (Rabobank) [{"dataISO": "2026-02-18", "data": "18 February 2026", "wydarzenie": "FT reports on Lagarde's resignation"}, {"dataISO": "2027-04-01", "data": "April 2027", "wydarzenie": "Presidential elections in France"}, {"dataISO": "2027-10-31", "data": "31 October 2027", "wydarzenie": "Formal end of ECB president's term"}] .

Mentioned People

  • Christine Lagarde — President of the European Central Bank, whose potential resignation has shaken the markets.
  • Emmanuel Macron — President of France, seeking to maintain influence in EU institutions before the end of his term.
  • Friedrich Merz — Chancellor of Germany, involved in negotiations over key positions in the EU.