ECB chief Lagarde to resign in February, nine months before term ends

European Central Bank President Christine Lagarde announced she will resign in February, nine months before her term officially ends in October 2027, opening an immediate contest to find her successor.

"It has been a great pride and a huge privilege to serve this institution," Lagarde posted on X, adding that she leaves the ECB "fit for the future."

The early departure is expected to allow EU leaders to agree on a successor while French President Emmanuel Macron remains in office, ahead of France's spring presidential election. Officials have expressed concern that a victory by far-right candidate Marine Le Pen could complicate succession negotiations.

Lagarde's exit comes at a difficult moment for the eurozone. Inflation stands at 3.8% — nearly double the ECB's 2% target — and the bank is navigating regional energy pressures.

Macron praised Lagarde's leadership and called for an "orderly and balanced" succession process. European Council President Antonio Costa said the appointment procedure would begin promptly. European Commission President Ursula von der Leyen thanked Lagarde for steering the economy through the pandemic and Russia's war of aggression.

Lagarde has ruled out running for the French presidency but has indicated she may take an active role in the presidential campaign debate. She has been reported as a candidate to lead the World Economic Forum.