Lagarde will leave the ECB prematurely. A successor will be decided before the elections in France.

Christine Lagarde will resign from her position as President of the European Central Bank on February 7, ahead of her term's end in October 2027. This resignation allows French President Emmanuel Macron and German Chancellor Friedrich Merz to influence the appointment of a key European position before the upcoming French elections. Speculation about Lagarde's future has been ongoing, and the process to find her successor will begin immediately, as announced by European Council President António Costa. Potential candidates include former central bank governors Klaas Knot and Pablo Hernández de Cos. Lagarde may take a role at the World Economic Forum.