Brussels – Christine Lagarde is leaving the European Central Bank. “It has been a source of great pride and an enormous privilege to serve this institution”, she said in a short video on X, after informing the Governing Council and the President of the European Council, António Costa, of her decision. Her resignation from the post of ECB President, which she took up on 1 November 2019, will take effect on 7 February 2027. Costa welcomed Lagarde’s decision “with respect” and the Governing Board “warmly and gave her a long-standing ovation.”
“I would like to thank everyone who has contributed to, supported and carried forward our mission in Europe: to be a bedrock, to be steadfast, and to ensure price stability and financial stability. I believe I am leaving this institution with the feeling that I have done a good job and with an ECB that is ready for the future,” said the former French minister. In the video, Lagarde appears with band-aids on her face and, to avoid “gossip on social media”, explains that “they are the result of a minor surgical procedure carried out at the start of the week.” She added: “Follow your doctor’s advice and have your skin checked regularly.”
The news of Lagarde’s early departure – albeit just a few months before her natural term ends in October 2027 – comes after a period marked by numerous rumours that the former French minister might pack her bags earlier than expected moving from Frankfurt to Paris ahead of next year’s presidential election. Rumours which she herself had not categorically ruled out: “It is possible,” she had said in July, stressing the importance of “France’s anchoring within Europe” and the presence of “a European voice in the French presidential debate.”
The news was confirmed today (29 October) – at the very same time as Lagarde’s video was released – by the President of the European Council, António Costa, who welcomed the decision of the current ECB President “with respect”. “I would like to thank Madame Lagarde for her dedication as President of the ECB since November 2019,” Costa said. “Throughout her mandate, she has led the European Central Bank with a strong sense of duty and responsibility. Europe has been well served by her leadership in uncertain times and her unwavering commitment to the European project,” he added. “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.”
Praise for Lagarde’s work also came from the President of the Eurogroup, Kyriakos Pierrakakis. “I would like to thank Christine Lagarde for her outstanding service as President of the ECB.
On behalf of the Eurogroup, I express my gratitude for her contribution to the stability of the euro area and her leadership in these testing economic times,” he said. The Greek minister stressed that “Christine Lagarde’s tenure at the helm of the ECB has only strengthened the confidence in the European single currency.”
Now, “The Eurogroup will act swiftly to prepare the recommendation of the Council of the EU to the European Council on the appointment” of Lagarde’s successor.
The process to appoint Lagarde’s successor will begin today. “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 by the European Council acting in its euro area composition,” Costa concluded.
English version by the Translation Service of Withub
