Christine Lagarde, the President of the European Central Bank (ECB), will resign from her role on February 7, 2027, as stated by the regulator in a press release.
Her term was initially scheduled to end in October of the following year.
Lagarde notified the ECB Governing Council and European Council President António Costa of her early exit on Thursday.
The press release reads that the Governing Council extended its sincere gratitude to President Lagarde and provided her with an extended ovation.
“I depart from this institution with the sense that a commendable job has been accomplished, and that the ECB is ready for the future,” said the President in a video message.
Lagarde has occupied the position since 2019. “Thanks to all who have backed me throughout this journey over the last seven years,” she posted on the social media site X.
The succession process will start on Thursday and “move forward promptly” to guarantee a seamless leadership transition, Costa mentioned. The European Council will determine who her successor will be.
Possible contenders for the ECB presidency are Klaas Knot and Pablo Hernández de Cos, who previously led the central banks of the Netherlands and Spain, respectively. Economists polled by Bloomberg view Hernández de Cos—who is currently at the helm of the Bank for International Settlements (BIS)—as the leading candidate.
source: reuters.com
