European Central Bank (ECB) President Christine Lagarde appears to be preparing for an early departure before her term ends in October 2027. Responding to reports from Bloomberg on Monday, February 16, and then from the Financial Times on Wednesday, February 18, the ECB released a statement leaving the possibility open: “President Lagarde is totally focused on her mission and has not taken any decision regarding the end of her term.” In June 2025, when initial rumors suggested she might be leaving to take over as president of the World Economic Forum in Davos, Switzerland, the Frenchwoman said she was “determined to complete” her term in office. That no longer appears to be the case.

If Lagarde were to step down before the French presidential election in spring 2027, it would give Emmanuel Macron a say in who becomes the next ECB president. Most importantly, it would prevent a potential French president from the far-right Rassemblement National (RN) from influencing the choice. “It is Christine Lagarde’s decision,” sources in Berlin insisted. In Brussels, during a meeting of European finance ministers on Monday, French Economy Minister Roland Lescure declined to comment.

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