Christine Lagarde will leave the post of European Central Bank ( BECH) on February 7, 2027, about nine months before the end of its eight-year mandate.
The announcement comes at a time when the ECB is expected to announce its next decision on interest rates.
According to the official statement, Lagarde has informed the ECB Steering Council, which defines the interest rates in the eurozone, as well as the president of the European Council, Antónnio Costa, of its decision.
The bank has given no reason for early departure.
The Steering Council warmly thanked President Lagarde and applauded him, the statement said.
Even António Costa thanked Lagarde for her work, praising her devotion to running the ECB since November 2019.
To ensure a smooth transition towards the new BEC leadership, the process of appointing its successor will begin today and continue without delay, Costa said.
Lagarde’s successor will be appointed by the European Council, which is made up of the leaders of the European Union member states. Under EU rules, the appointment is made by much named, following a recommendation by the union finance ministers and consultations with the European Parliament and the ECB Steering Council.
Lagarde, former French Finance Minister and Former Director of International Monetary Fund ( The IMF took office in November 2019. Speculations about its departure prior to the end of the mandate had increased over the past few months.
Meanwhile, the ECB is expected to keep the interest rate for deposits unchanged at 2.5%. /Telegraphy/