European Central Bank (ECB) President Christine Lagarde during a news conference on the rate decision in Frankfurt, Germany, Thursday, June 11, 2026.
Alex Kraus | Bloomberg | Getty Images
European Central Bank President Christine Lagarde will leave office on February 7 next year, almost nine months before her mandate expires, she announced on Thursday.
“It has been a great source of pride to serve this institution. I thank everyone who has supported me on this journey over the past seven years,” Lagarde said.
Lagarde has led the central bank since July 2019, directing its policy responses to the Covid-19 pandemic, the war between Russia and Ukraine and a series of energy price shocks that have propelled inflation in the 21-country euro zone above 11%. His term was due to end in October 2027.
She received a standing ovation on Thursday from the central bank’s Governing Council.
The announcement comes ahead of the ECB’s latest monetary policy decision, expected later on Thursday, in which it is expected to maintain interest rates despite inflation in the 21-nation euro zone hitting a three-year high in September.
European Council President Antonio Costa thanked Lagarde for her “dedication”.
“She has provided consistent and determined management, helping to safeguard the stability and resilience of the eurozone,” Costa said in a statement.
The process of appointing his successor will begin immediately, he added.
Lagarde, born in Paris in 1956, first worked as a high-ranking lawyer before joining the French government. In 2007, she became the first female finance minister of a G7 country. She was appointed Managing Director of the International Monetary Fund in 2011 before joining the ECB.
Lagarde is considered a top candidate to become the next president of the World Economic Forum, according to an article in the Financial Times. In recent media interviews, she has suggested that she is not considering running for the French presidency in the 2027 elections.
ECB leaders are now engaged in negotiations as the central bank seeks to fill a number of senior positions, with chief economist Philip Lane and board member Isabel Schnabel also expected to resign next year.
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