Christine Lagarde will step down as president of the European Central Bank on February 7, 2027, cutting short a term that was due to run until October 2027. She announced the move on Thursday, hours before an ECB policy meeting at which rates are expected to stay on hold even though euro area inflation hit a three-year high in September. Lagarde took charge in July 2019 and led the bank through the pandemic, the war in Ukraine and an energy shock that pushed inflation into double digits. The Financial Times reported she is a leading candidate to chair the World Economic Forum. Former Dutch central bank head Klaas Knot and Spain’s Pablo Hernández de Cos are seen as front-runners to replace her. Chief economist Philip Lane and board member Isabel Schnabel also leave next year.
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