Lagarde, resigning before the end of Macron's mandate? - Exclusive news from the Financial Times. She denies the ECB
European Central Bank President Christine Lagarde plans to step down before next year's French presidential election to give President Emmanuel Macron a say in choosing her successor, the Financial Times reported.
Lagarde's term is expected to end in October 2027, but some fear that the far right could win the French presidential race in the spring of 2027, complicating the selection for the new leader of Europe's most important financial institution.
Citing a person familiar with the matter, the FT said Lagarde had not yet decided on the exact timing of her departure but was keen for Macron and German Chancellor Friedrich Merz to be the main decision-makers in choosing her successor. Macron cannot run again for a third term.
"President Lagarde is fully focused on her mission and has not taken any decision regarding the end of her mandate," an ECB spokesman said.
The ECB's response is a departure from previous guidance for Lagarde. Last year, when the Financial Times suggested that Lagarde might leave early, the ECB said Lagarde was "determined to complete her term."
The FT report comes just a week after the Governor of the Bank of France, Francois Villeroy de Galhau, said he would resign in June this year, more than a year before the end of his term, allowing Macron to appoint his replacement before the presidential election.
While it will be up to all leaders from the 21-nation eurozone to choose Lagarde's successor, past practice suggests that any successful candidate would need the support of both Germany and France to secure the role.
There are no official candidates for the job yet, but several names have been floated in ECB circles as potential ECB presidents. Most prominent among them are former Dutch central bank chief Klaas Knot, the CEO of the Bank for International Settlements, Pablo Hernandez de Cos, and the head of the Bundesbank, Joachim Nagel.
Lagarde's term runs until October 31, 2027. Before leading the ECB, she was managing director of the International Monetary Fund from 2011 to 2019 and, before that, French finance minister.
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