ECB President Christine Lagarde to step down on 7 February 2027

European Central Bank President Christine Lagarde will step down on 7 February 2027, the ECB announced on 29 October. She informed the bank’s Governing Council and the President of the European Council, António Costa, of her decision that day.

According to the ECB, the Governing Council thanked Lagarde warmly and gave her a long standing ovation. The announcement gave no reason for her departure and did not say what she plans to do next. She remains in post until 7 February.

How a successor is chosen

Lagarde’s successor will be appointed by the European Council, following the nomination process set out in Article 283 of the Treaty on the Functioning of the European Union. The ECB’s announcement did not name a successor.

All members of the ECB’s Executive Board, including the President, are appointed by the European Council acting by a qualified majority. The board consists of the President, the Vice-President and four other members. It prepares the meetings of the Governing Council, implements monetary policy for the euro area in line with the Governing Council’s decisions and manages the ECB’s day-to-day business.

Why it matters for the Netherlands

Decisions on interest rates and payments for the euro area, including the Netherlands, are taken by the ECB’s Governing Council. De Nederlandsche Bank (DNB) is part of the Eurosystem, and its president has a seat on that council, so the Dutch central bank takes part in those shared decisions.

From the IMF to the ECB

Lagarde has been President of the ECB since November 2019, according to her official ECB CV. Before that, she was Managing Director of the International Monetary Fund from 2011 to 2019, and France’s Minister of Economy and Finance from 2007 to 2011. She was earlier France’s trade minister and agriculture minister, and global chairman of the law firm Baker McKenzie. As ECB President, she also chairs the European Systemic Risk Board.