European Central Bank President Christine Lagarde will step down on February 7, 2027, leaving her position ahead of her scheduled term ending in October 2027.
She announced this decision on Thursday, just a few hours before the European Central Bank's policy meeting. The market generally expects the bank to keep interest rates unchanged at the meeting, despite inflation in the eurozone rising to a three-year high in September.
Lagarde took over the European Central Bank in July 2019 and led it through the pandemic, the Russia-Ukraine war, and an energy shock that pushed inflation to double digits.
The Financial Times reported that she is the main candidate to succeed the chairperson of the World Economic Forum. Former Governor of the Dutch Central Bank, Klaas Knot, and Governor of the Spanish Central Bank, Pablo Hernández de Cos, are seen as the front-runners to succeed the President of the European Central Bank. Chief Economist Philip Lane and Board Member Isabel Schnabel will also leave their positions next year.
