Christine Lagarde to leave ECB on 7 February 2027, nine months before her term ends

Early exit announced

Christine Lagarde told the ECB Governing Council and European Council President António Costa on Thursday, 29 October 2026, that she will leave the bank's presidency on 7 February 2027. Her term was due to run until October 2027, so the exit comes about nine months early. The ECB confirmed that her successor will be chosen under Article 283 of the Treaty on the Functioning of the European Union, and no candidate has been formally announced. In a short video shared on social media, she said:

“I am leaving the institution with the sense that good work has been done and that the ECB is ready for the future.”

Timing and French politics

A source familiar with the matter told Reuters that Lagarde resigned because she could no longer stay neutral on French politics and wanted more freedom to voice her views. The Financial Times had reported in February 2026 that she planned to leave early. Leaving in February lets the outgoing French president, Emmanuel Macron, help choose her successor before the French presidential election in April 2027, where polls show far-right candidate Marine Le Pen as favorite. Lagarde ruled out a French presidential bid in late September. Paul De Grauwe, a professor at the London School of Economics, said the move undermines the institution and follows the French president's purely political calculations.

Succession rules and candidates

Euro area finance ministers meeting in the Eurogroup will discuss names and try to agree on one candidate. The Council of the EU then recommends a choice to the European Council, which decides after the European Parliament and the ECB Governing Council give their opinions. Approval requires backing from at least 16 of the 21 euro area countries, representing at least 65% of the population, and the eight-year term cannot be renewed. The Guardian lists Klaas Knot, former president of the Dutch central bank, Pablo Hernández de Cos, Joachim Nagel, head of the Bundesbank, and Nadia Calviño, president of the European Investment Bank, as possible candidates. Reuters sees Knot and Hernández de Cos, the former governor of Spain's central bank, as the likeliest frontrunners. Ebury's Matthew Ryan writes that the timing is far from ideal, with the war in Iran keeping inflation well above target and the French-German bond spread at its highest since 2011.

World Economic Forum

Lagarde is also reported as the leading candidate to head the World Economic Forum. Reuters reported on 15 October that the forum could pick her as early as November 2026, citing broad board support but no final decision. The WEF board meets on 2 November to elect a leader. The forum's founder, Klaus Schwab, resigned in 2025 after complaints and investigations into how the organization was run, and a forum spokesperson declined to comment on the reports.

Farewell and reactions

Yannis Stournaras, governor of the Bank of Greece, commented on her record:

“She succeeded in bridging to a large extent the different views of the members of the ECB Governing Council.”

He added that the two had worked well together when he was Greek finance minister and she led the International Monetary Fund. Kyriakos Pierrakakis, Eurogroup president and Greek minister of national economy and finance, thanked her on behalf of the Eurogroup for her contribution to euro area stability. ECB board members gave her a prolonged round of applause while standing. Her last day in office is set for 7 February 2027.