European Central Bank President Christine Lagarde to step down months before term ends

European Central Bank President Christine Lagarde will step down on Feb 7, ahead of the end of her eight-year term.

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FRANKFURT: European Central Bank President Christine Lagarde will step down on Feb 7 next year, months before her term expires in October next year, the Frankfurt-based institution said on Thursday (Oct 29).

By walking away before her eight-year term ends, Lagarde paves the way for European Union leaders to choose a successor for the ECB president and other top officials whose terms are ending next year.

There had been speculation that Lagarde would leave early to enable European Union leaders to choose a successor while pro-EU French President Emmanuel Macron is still in office and guard against the possibility that right-wing presidential candidate Marine Le Pen might win the election and influence the choice.

Lagarde took the helm at the ECB in November 2019, having previously led the International Monetary Fund and served as French finance minister.

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Her tenure took in the COVID-19 pandemic and an inflationary wave that followed Russia's invasion of Ukraine in 2022, which prompted a spike in energy prices.
 

EU chief Antonio Costa on Thursday praised Lagarde's "leadership" and said the process to name a successor begins right away.

"Through a global pandemic, a war in Europe, energy crises and inflation shocks, she has provided a steady and determined stewardship, helping to safeguard stability and the resilience of the euro area," Costa, who leads the European Council representing EU states, said.

"To ensure a smooth transition to the next leadership of the ECB, the process for the appointment of her successor will be initiated today and will proceed without delay, with a view to a timely decision," Costa said.
 

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