Christine Lagarde Quits ECB Early, Sets February Exit Date
by Bill Giannopoulos · Greek City TimesChristine Lagarde plans to leave the European Central Bank on 7 February 2027. She is quitting about nine months before her term ends.
The ECB said on Thursday that Christine Lagarde had told its Governing Council of her decision. She also informed European Council President António Costa and shared the news on X.
Why Christine Lagarde is leaving early
Lagarde, 70, took charge of the bank in November 2019. Her eight-year term was due to end on 31 October 2027, AP reported.
According to AP, the early exit lets European leaders choose a successor ahead of France’s presidential election next year. It also sets up tough bargaining over two other top posts that fall vacant next year.
Read more: Battle Begins For The Throne Of European Central Bank
Costa thanked her for steady leadership through a pandemic, a war in Europe, energy crises and high inflation. He said the hunt for a successor starts at once.
In turn, under EU treaty rules, the European Council picks the new president. It acts on a recommendation from EU finance ministers, after it consults the European Parliament and the ECB.
A Greek at the centre of the handover
That process puts a Greek politician in a key role. Greek Finance Minister Kyriakos Pierrakakis chairs the Eurogroup of euro area ministers. He said the group will act swiftly on its recommendation.
Pierrakakis thanked Lagarde for her “outstanding contribution” to the stability of the euro area. In his view, her time at the bank strengthened confidence in the single currency.
Lagarde is also a familiar name in Greece. Before the ECB, she led the International Monetary Fund from 2011 to 2019. During those years, the fund took part in the Greek bailout programs.
For now, Christine Lagarde stays in charge of the bank, which sets interest rates for 21 euro countries. Her final day is 7 February.
Source: ECB, AP
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