Christine Lagarde will resign from post of European Central Bank ( ECB) on February 7th, 2027, about nine months before the end of its eight-year mandate, the ECB announced on Thursday.
The decision was made public at the time the institution was preparing to announce its final decision on interest rates. According to the announcement, Lagarde has informed the ECB Steering Council of its decision, which defines interest rates for the eurozone, as well as European Council President Antonio Costa.
The ECB has given no reason for its early departure.
The Steering Council warmly thanked President Lagarde and applauded him over, the bank statement said.
Meanwhile, European Council President Antonio Costa has thanked Lagarde for her service and dedication at the helm of the European Central Bank, which she holds since November 2019.
To ensure a smooth transition towards the future BEC leadership, the process of appointing its successor will begin today and continue without delay, Costa said.
Lagarde’s successor will be appointed by the European Council, which includes the leaders of the European Union member states.
Under EU rules, the ECB president is named by qualified majority of votes, following a recommendation by the member states’ finance ministers and consultations with the European Parliament and the European Central Bank’s Steering Council.
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