Lagarde to step down as ECB chief in February 2027

Frankfurt, Germany, Oct 29 (EFE).- European Central Bank (ECB) President Christine Lagarde will step down on Feb. 7, 2027, the central bank said Thursday, while European Council President António Costa announced that the process to appoint her successor would begin immediately.

Lagarde informed the ECB Governing Council and Costa of her decision, the bank said in a statement, adding that her successor would be appointed by the European Council under the procedure set out.

The ECB Governing Council warmly thanked Lagarde for her service and gave her a standing ovation, the statement said.

Costa said she had been informed by Lagarde of her intention to resign.

Costa praised Lagarde’s leadership through a series of major economic and geopolitical shocks, including the Covid-19 pandemic, Russia’s war in Ukraine, energy crises and inflation surges.

He credited her with helping safeguard the stability and resilience of the euro area through periods of uncertainty, describing her leadership as marked by a strong sense of duty and commitment to the European project.

“Europe has been well served by her leadership in uncertain times and her unwavering commitment to the European project,” Costa said.

Costa said the process to appoint her successor would begin Thursday and proceed without delay, with the aim of reaching a timely decision by the European Council meeting in its euro area composition. EFE

aia-sk