European Central Bank President Christine Lagarde will step down on 7 February 2027.
Lagarde informed the ECB’s Governing Council and the President of the European Council, António Costa, of her decision on 29 October 2026, the bank announced on Thursday.
Her 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 Governing Council thanked Lagarde and gave her a long standing ovation.
Successor process to begin immediately
The formal process to appoint the next ECB president will be initiated on Thursday and will proceed “without delay”, with the aim of a timely decision by the European Council meeting in its euro area format, Costa said in a separate statement.
Costa disclosed he had been informed directly by Lagarde of her intention to leave on 7 February 2027, and noted she has served as ECB president since November 2019.
The European Council appoints the six members of the ECB’s Executive Board — including the president and vice-president — based on a recommendation from the Council of the EU and after consulting the European Parliament and the ECB’s Governing Council.
Eurogroup President Kyriakos Pierrakakis said the Eurogroup would “act swiftly” to prepare the Council of the EU’s recommendation to the European Council on the appointment.
