Lagarde to Leave ECB Presidency in February 2027

Christine Lagarde will step down as European Central Bank president on Feb. 7, 2027, before her eight-year term ends in October 2027. She has led the bank since 2019. An ECB statement said she informed the Governing Council and European Council President Antonio Costa. Costa said the process to appoint her successor will start immediately and proceed without delay so the transition is smooth. The European Council appoints the successor. Former central bank governors Klaas Knot of the Netherlands and Pablo Hernandez de Cos of Spain are reported as frontrunners. The move ends months of speculation about an early exit, with the World Economic Forum cited as a possible destination. It comes as the ECB seeks to prevent an oil-price shock linked to the Iran war from feeding into prices and wages, while a surge in bond yields, especially in France, has raised borrowing costs. On Oct. 29, 2026, Reuters reported the bank is widely expected to keep the deposit rate at 2.5 percent with another increase as soon as December remaining likely; the rate decision is at 1315 GMT and Lagarde's press conference at 1345 GMT. The timing gives current EU leaders time to pick a successor before France's presidential election next spring, where polls show Marine Le Pen favoured.