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FT: Lagarde to Step Down Early from ECB Ahead of 2027 French Elections

Published February 18, 2026, 09:18
FT: Lagarde to Step Down Early from ECB Ahead of 2027 French Elections

Christine Lagarde is expected to step down early as President of the European Central Bank (ECB) before the end of her term in 2027, in order to allow sufficient time to select her successor. This decision is linked to the 2027 French presidential elections and the need for an agreement between France and Germany on the new ECB president. Lagarde, who took office in 2019, wants to avoid a period of uncertainty regarding the bank's leadership during a critical period for the Eurozone. The exact date of her departure has not yet been determined. Among the potential successors are Pablo Hernández de Cos, Klaas Knot, and Isabel Schnabel. The French presidential elections in 2027 are expected to shape the balances in the Eurozone, with Marine Le Pen leading in the polls. Lagarde’s term at the ECB has coincided with a period of significant challenges, such as the pandemic, the Russian invasion of Ukraine, and global trade tensions.