Yesterday 10:48

Christine Lagarde will leave the European Central Bank before the end of her term, in February 2027

Călin Nicolescu

29 October 2026, 10:48

Economy

Foto https://www.facebook.com/christinelagarde/photos?locale=ro_RO

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Christine Lagarde is expected to leave her position at the helm of the European Central Bank ahead of schedule, in February 2027, several months before the end of her term and ahead of France’s presidential election. Lagarde has led the ECB since November 2019, when she succeeded Mario Draghi, and her term was scheduled to end on October 31, 2027.

The early departure was preceded by several speculations about her involvement in French politics. In July, Lagarde did not rule out stepping down to take part in the political debate, but she later rejected the idea of running for the French presidency, citing her age and the responsibilities of the position.

Possible successors include Klaas Knot, former governor of the Dutch central bank, and Pablo Hernández de Cos, former governor of the Bank of Spain. The choice will be negotiated by eurozone leaders and decided by the European Council. France could support Knot’s candidacy in exchange for an important position for a French representative at the ECB.

At the same time, Lagarde could take up a leadership position at the World Economic Forum. The change at the ECB comes at a sensitive time, marked by inflationary pressures, rising energy prices and problems with France’s public finances. The decisions of the future leadership will also indirectly affect Romania through euro interest rates, the exchange rate and financing costs.

Context: discussions about the ECB succession and Lagarde’s positioning ahead of a possible move to the WEF

In recent months, speculation about Christine Lagarde’s departure has intensified amid changes in the ECB’s leadership: Isabel Schnabel announced that she would leave on January 4, 2027, to join the IMF, while two important members of the leadership are expected to subsequently leave the Executive Board. Meanwhile, discussions have emerged within the ECB about potential candidates, including Klaas Knot and Pablo Hernández de Cos, while France and Germany have sought to retain their influence over key positions.

On the financial front, speaking before MEPs, Lagrade argued that the ECB is pursuing a “measured” response to the challenges arising from the energy crisis, explaining that higher energy prices do not automatically lead to interest-rate hikes, and that the bank makes its decisions from one meeting to the next based on the data.

As further background, the possibility has also emerged that Lagarde could take over the leadership of the World Economic Forum: Reuters reported that a decision could be made in November, potentially affecting the timing of her departure from the ECB.