Lagarde to step down early from ECB as search for successor begins

FRANKFURT, Oct. 29 (Xinhua) -- European Central Bank (ECB) President Christine Lagarde said Thursday she will step down on Feb. 7, 2027, nearly nine months ahead of the end of her eight-year term.

European Central Bank (ECB) President Christine Lagarde attends a monetary policy meeting at the ECB headquarters in Frankfurt, Germany, on Oct. 29, 2026. The ECB President Christine Lagarde said on Thursday that she will step down from her position on Feb. 7, 2027. (Photo: ECB/Handout via Xinhua)

The European Council will immediately begin the process of selecting Lagarde's successor, European Council President Antonio Costa said on Thursday.

The announcement comes ahead of France's spring 2027 presidential election, amid persistent speculation over Lagarde's next political moves and possible presidential ambitions.

It also comes at a delicate moment for the eurozone economy, ahead of the ECB's interest rate decision later in the day.