Lagarde ready to stand in the French presidential election: “I think a European voice needs to be heard in the debate”

Brussels – Rumours have been circulating for months that Christine Lagarde, a former French minister and now President of the European Central Bank (ECB), might step down from her post a few months earlier than planned to stand in next year’s French presidential election, against Marine Le Pen or Jordan Bardella, two far-right and staunchly anti-European leaders. It could well be true. This is what emerges from a very astute interview that Lagarde gave to the newspaper Les Echos. 

“My term of office,” the President explains to journalists Guillaume Benoit and Christophe Jakubyszyn, “expires in October 2027. And I believe my mission is to maintain price stability. Given that we are once again in a period of turbulence, I believe the captain of the ECB ship must remain on board.” But this does not mean that, if things were to settle down, she could not step down early: “It is possible. I think a European voice needs to be heard in the French presidential debate,” reflects Lagarde. “If a perspective were to emerge in that debate that would weaken France’s anchorage within Europe, I think we would need to explain why that would be a painful path for our country and for our fellow citizens,” she explains. 

The ECB President believes it is “highly likely” that, in the coming months, she will have a frank discussion with the future candidates, speaking with a “French and European voice, because I identify deeply with both,” she emphasises. “I would tell them that, as far as the economic future of our continent is concerned, France must play a decisive role. And that without this European context and these European roots,” she warns, “the economic outlook is uncertain, to say the least.” Lagarde predicts that “France will have to take courageous decisions on difficult issues. The presidential candidates have a duty to tackle these issues and propose solutions. And, contrary to what I often hear from politicians, the French are perfectly aware of the situation and expect a discourse grounded in truth and solutions.” 

“Might you, at some point, consider getting personally involved in the election campaign, to support a candidate or even stand as a candidate yourself?” the interviewers ask. “I’ll think about it,” is her initial reply, but when asked to confirm, she says: “No, I’m joking. I don’t think that’s on the cards.” But in the meantime, she’s talking about it.