European Central Bank President Christine Lagarde Quits Eight Months Ahead of Term End

Key facts

• European Central Bank (ECB) President Christine Lagarde has announced her early resignation, deciding to step down on 7 February, ahead of her term's scheduled end in October 2027.
• Lagarde, aged 70, has led the ECB since November 2019 and previously headed the International Monetary Fund (IMF).
• Lagarde stated that her early departure was driven by a wish to speak freely on issues beyond monetary policy, as ECB officials are bound by an obligation of neutrality.
• Lagarde informed the ECB Governing Council and European Council President António Costa of her decision, and the process to identify her successor has already begun.
• Under Article 283 of the Treaty on the Functioning of the European Union, Lagarde's successor will be appointed by the European Council following the nomination process.