Lagarde reveals skin cancer surgery behind face bandages, will leave ECB in February

Surgery behind the bandages

Christine Lagarde, president of the European Central Bank, released a video in which two bandages were visible on her face, and the images quickly set off speculation on social media. In a follow-up post she said the bandages resulted from a small surgical procedure carried out earlier in the week of 26 October. She used the post to urge people to follow medical advice and check their skin regularly. The bandages had prompted a wave of guesses online before she addressed them directly.

Internal message to staff

In a separate video addressed to all ECB staff, which Politico said it had obtained, Lagarde explained the bandages in a lighter tone. She said she knew she looked strange and that it had nothing to do with kickboxing in Thailand, a reference to her trip to Bangkok for the International Monetary Fund's annual meetings earlier in October. She described the procedure as the removal of a small skin cancer that needed to be taken out. The ECB declined to comment on the matter and pointed to Lagarde's earlier statement.

Early exit from the ECB

Lagarde, 70, ended months of speculation about her future on Thursday, 29 October, when she said she would resign on 7 February. Her mandate officially runs until October 2027, so the departure comes almost a year early. The ECB has not revealed her immediate plans. She had previously let it be understood that she might want to take part in the 2027 French presidential race.

Reasons given

An official who knows how Lagarde thinks spoke to Politico on condition of anonymity, citing the sensitivity of the subject. According to that official, she chose to leave early for greater freedom to express her views and to engage with issues beyond monetary policy. The official said she cannot stay neutral when she watches developments in her own country and in the world. Reporting also linked the timing to the 2027 French presidential election, suggesting her exit comes before the vote so the next president has no say in choosing her successor.

Open questions

The ECB has not said what Lagarde plans to do after leaving the bank. The sources do not say when the ECB will name a successor or how that process will run. The February departure date and the October 2027 end of her mandate are the only fixed dates in the reporting so far.