Christine Lagarde to step down as ECB president on Feb. 7, 2027

The European Central Bank said Thursday that President Christine Lagarde will step down on Feb. 7, 2027, triggering the formal European Union process to choose the next head of the institution that sets monetary policy for the euro area.

The departure will come before the end of Lagarde’s eight-year, nonrenewable term. She was appointed in 2019, with her term taking effect on Nov. 1 of that year, which means it would otherwise have run until late October 2027. The ECB’s Oct. 29 press release gave no reason for her decision and did not name a successor.

Under Article 283 of the Treaty on the Functioning of the European Union, the ECB president is appointed by the European Council, acting by qualified majority, after consultation with the European Parliament and the ECB Governing Council. The treaty says the appointee must be a person of recognized standing and professional experience in monetary or banking matters. The ECB said Lagarde’s successor “will be appointed by the European Council following the nomination process outlined in Article 283 of the Treaty on the Functioning of the European Union.”

In its announcement, the central bank said, “President Lagarde … informed the Governing Council and the President of the European Council António Costa that she will step down from her position on 7 February 2027.” The statement said Lagarde notified both the ECB Governing Council and Costa, who chairs the body representing EU member states’ leaders.

Lagarde’s exit also comes as the ECB faces a broader round of senior leadership turnover in early 2027. Isabel Schnabel is due to leave the ECB’s Executive Board on Jan. 3, 2027, to take a senior role at the International Monetary Fund, according to an ECB press release issued Sept. 24, 2026. Philip R. Lane’s term on the Executive Board is due to end at the end of May 2027, according to the ECB’s terms page.

Those departures do not determine who will become the next ECB president, but they add to a significant year of leadership change at the central bank. The ECB did not announce any successor on Thursday.

“The Governing Council thanked President Lagarde warmly and gave her a long standing ovation,” the ECB said.