European Central Bank President Christine Lagarde is considering stepping down before the end of her eight-year term, which expires in October 2027. According to media reports, this decision is politically motivated and stems from a desire to enable the current leaders of France and Germany to appoint a successor ahead of next year's elections on the Seine. Officially, an institution spokesperson emphasizes that the bank's head remains fully focused on her mission, and final decisions have not yet been made.

Reports of Resignation

According to the Financial Times, Christine Lagarde is considering leaving the ECB before the end of her term in 2027.

French Context

The main reason is said to be the French presidential elections and the desire to preempt a potential victory by the far-right.

Official Denial

A spokesperson for the European Central Bank claims that no decision regarding resignation has been made yet.

Influence of Macron and Merz

An early departure would allow Emmanuel Macron and Friedrich Merz to choose a joint successor.

According to reports by the Financial Times, Christine Lagarde plans to resign from her position as President of the European Central Bank before April 2027. Although her term formally expires only in October, an early departure would be crucial for the balance of power in the European Union. The main motive for this decision is concern over the outcome of the upcoming French presidential elections. Polls indicate strong support for the far-right, which could mean that the appointment of one of Europe's most important economic positions would be decided by the leader of the National Rally, Marine Le Pen. This scenario would allow outgoing President Emmanuel Macron and German Chancellor Friedrich Merz to jointly develop a candidate for the new head of the ECB while still in office. The speculation about potential successors has already begun, and financial markets are closely monitoring reports from Frankfurt. An early resignation is seen as an attempt to safeguard the central bank's independence from radical political changes in member states. The rules for appointing the ECB President stipulate an eight-year, non-renewable term. Since the bank's establishment in 1998, this position has been subject to difficult compromises between Paris and Berlin.X 2027 — is the formal end date of the current head's termHowever, the institution in Frankfurt is trying to temper the mood. A bank spokesperson issued a statement claiming that President Lagarde has not yet made any binding decision and is "completely focused on performing her duties." This situation resembles the recent resignation of the head of the French central bank, François Villeroy de Galhau, who also decided to shorten his tenure to allow the current government to appoint a successor. A potential change at the helm of monetary policy for the eurozone in such an uncertain macroeconomic environment raises questions about the future direction of the fight against inflation and bond market stability.

[{"dateISO": "2026-02-18", "date": "February 18, 2026", "event": "FT reports on Lagarde's possible resignation"}, {"dateISO": "2027-04-01", "date": "April 2027", "event": "French presidential elections"}, {"dateISO": "2027-10-31", "date": "October 2027", "event": "Formal end of President Lagarde's term"}]

Mentioned People

  • Christine Lagarde — President of the European Central Bank, whose term ends in 2027.
  • Emmanuel Macron — President of France, who wants to maintain influence over EU appointments.
  • Friedrich Merz — Chancellor of Germany, a key partner in discussions about ECB appointments.