ECB president Christine Lagarde ‘considering early departure’, reports say
European Central Bank (ECB) president Christine Lagarde is considering stepping down before the end of her eight-year mandate in October 2027, the Financial Times reports, citing anonymous sources familiar with her thinking.
According to the report, Lagarde has discussed the possibility of leaving her post ahead of the French presidential elections scheduled for April next year. An earlier departure would allow French president Emmanuel Macron and German chancellor Friedrich Merz to play a central role in shaping the choice of her successor under the current political balance in Paris and Berlin.
Bloomberg has also reported that domestic political considerations in France may be a factor. In particular, the prospect of a far-right victory in the presidential race could influence the composition of the next ECB leadership, as eurozone governments must agree on the appointment.
Turbulent events during tenure
Lagarde, a former French Finance minister and managing director of the International Monetary Fund, took office at the ECB in November 2019, succeeding Mario Draghi. Her term runs for eight years and is non-renewable. As president, she oversees monetary policy for the 20-country eurozone, including decisions on interest rates and inflation control.
Her tenure has been marked by major events, including the Covid-19 pandemic, the energy crisis following Russia’s invasion of Ukraine and the sharpest tightening cycle in the ECB’s history as policymakers sought to curb record-high inflation. In recent months, markets have been closely watching signals from Frankfurt over the pace and timing of potential interest rate cuts.
In response to the reports, the ECB said Lagarde was “fully focused” on her mission and had not made any decision regarding the end of her mandate.
Any early departure would trigger complex negotiations among euro area member states, as senior EU economic posts are typically balanced along political and national lines. For now, however, Lagarde remains in office, and no formal announcement has been made.
Christine Lagarde, president of the European Central Bank, at a press conference in Frankfurt, 5 February 2026 © PHOTO FLORIAN WIEGAND / DPA
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