# ECB President Christine Lagarde to Step Down in February 2027
ECB President Christine Lagarde will leave her post on 7 February 2027, around nine months before her eight-year term was due to end.
The European Central Bank announced the decision on Thursday, hours after leaving its deposit rate unchanged at 2.5% amid turmoil in France's bond market. Lagarde informed the ECB's Governing Council and European Council President António Costa of her departure. The Governing Council gave her a standing ovation.
Lagarde said she was stepping down before the end of her term so she could have greater freedom to express her views and engage in non-monetary matters, "because she cannot remain neutral when she sees the developments taking place in her own country and in the world."
European Commission President Ursula von der Leyen thanked Lagarde for her service across multiple crises, from the pandemic to Russia's war of aggression. French President Emmanuel Macron expressed deep gratitude for her commitment to eurozone stability.
The succession process has been initiated immediately. Under EU rules, the 21 eurozone countries will choose the new president by qualified majority, following a recommendation from EU finance ministers and consultation with the European Parliament and ECB's Governing Council.
Two names currently lead the race: Pablo Hernández de Cos, former Bank of Spain governor backed by Madrid and opposition leader Alberto Núñez Feijóo, and Klaas Knot, former Dutch central bank chief seen as a consensus-builder. Lagarde has praised his ability to foster inclusivity. Germany's Joachim Nagel is also mentioned, though Germany has never held the presidency.
Speculation about an early departure had been building for months — first emerging in February that Lagarde planned to leave so Macron and German Chancellor Friedrich Merz could oversee the successor selection before France's April presidential election. Leaving next February gives EU leaders time to settle on a name well before French voters go to the polls.
