ECB President Christine Lagarde to step down next February, months before her mandate ends

Christine Lagarde will step down as president of the European Central Bank on February 7, 2027, the bank announced on Thursday, about nine months before her eight-year term was due to end. The news was announced in a statement by the bank's governing council, which thanked her for her service. European Council President Antonio Costa was quick to praise Lagarde, who took office as ECB president in November 2019 after eight years as managing director of the IMF. Her successor will be appointed by the European Council, which brings together EU leaders. The ECB gave no reason for her departure. However, with this early departure, Lagarde is paving the way for the French president Emmanuel Macron to play a part in appointing her successor ahead of next spring's presidential election in France. Polls currently have far-right candidate Marine Le Pen as the frontrunner, with hard-left candidate Jean-Luc Mélenchon in second.