ECB President Lagarde to Resign Early on Feb. 7, 2027

Macron to Shape Successor Pick During His Term

Christine Lagarde, president of the European Central Bank, will resign before the end of her term.

Lagarde said on Oct. 29 that she was leaving with the belief that she had done her job well and was handing over an ECB prepared for the future. She is due to step down on Feb. 7, 2027, even though her official term runs through October 2027. Lagarde, who took office in 2019, had previously declined to say whether she would complete the full eight-year term, signaling the possibility of an early departure.

France's political turmoil is being cited as a key reason for the move. As the country struggles with economic difficulties and anti-government protests, Lagarde has indicated that she wants to play a role in campaigning for France's presidential election next spring. She denied any intention of running herself. The recent rise in support for Marine Le Pen of the National Rally, a politician opposed to deeper European integration, is also seen as a factor in her decision. Lagarde's early exit will allow President Emmanuel Macron, who supports European integration, to influence the selection of the next ECB president while still in office. Some European Union leaders have expressed concern that choosing a pro-Europe successor could become more difficult if Le Pen takes power.

The ECB will choose its next president amid high inflation caused by the war in Iran and instability in sovereign debt markets. Among the names being mentioned are Pablo Hernandez de Cos of Spain, general manager of the Bank for International Settlements, and former Dutch central bank chief Klaas Knot, who is regarded as a centrist pragmatist.

Kim Mi-ri, Hankyung.com reporter mirimiri@hankyung.com