Christine Lagarde will step down as president of the European Central Bank (ECB) on 7 February 2027, before her term ends. She announced this in a post on X.

Lagarde has led the ECB since November 2019. She has told European Council president António Costa of her decision.

Costa said on the day of the announcement that the EU is starting the process to pick a new head of the bank. Under the EU Treaty, the European Council, meeting in its eurozone format, will choose her successor. Costa said the process will go ahead without delay, so that a decision is made in good time and the handover to the new leadership is smooth.

Costa said he accepts Lagarde's decision with respect and thanked her for her dedication. In his view, she led the ECB throughout her term with a strong sense of duty and responsibility, and her commitment to the European project is unshakeable.

Costa noted that Lagarde gave steady, firm leadership through the pandemic, the war in Europe, energy crises and inflation shocks. He said Europe gained a great deal from her leadership in uncertain times, and that the eurozone kept its stability and strength with her help.