ECB: President Lagarde to Step Down on February 7, 2027

October 29 — According to Jin10, the European Central Bank said in a statement on Thursday that ECB President Christine Lagarde informed the ECB Governing Council and European Council President António Costa today that she will step down on February 7, 2027.

Lagarde's successor will be appointed by the European Council in accordance with the nomination procedure set out in Article 283 of the Treaty on the Functioning of the European Union. Lagarde is the ECB's fourth president and the second to come from France. Her original term was due to end in October 2027. Lagarde's departure will be one of the most closely watched leadership races in Europe. Her successor will be responsible for setting interest rate policy for the eurozone's 21 member states, affecting more than 350 million people. Spain's Pablo Hernández de Cos and the Netherlands' Klaas Knot are competing for the position. According to a survey of economists, de Cos, a former Bank of Spain governor and current general manager of the Bank for International Settlements, is seen as the strongest candidate.