ECB President Christine Lagarde to Step Down on February 7 Ahead of Schedule
ECB President Christine Lagarde announced she will step down on February 7, nine months before her eight-year term ends, leading the bank through two final rate decisions.
European Central Bank President Christine Lagarde is stepping down from her post on February 7, the bank announced. Lagarde assumed office in November 2019, succeeding Mario Draghi. Her eight-year term was originally scheduled to end in late October 2027, meaning she is stepping down nine months ahead of schedule.
The announcement comes hours ahead of the ECB's latest interest rate decision. The central bank is scheduled to release one more announcement this year on December 17, followed by another on February 4. Practically, this means Lagarde will lead the ECB through two additional rate decisions beyond today's outcome.
Lagarde took office when the European deposit rate stood at a negative 0.5%. The first shift under her leadership occurred in July 2022, when rates rose to zero to combat accelerating post-pandemic inflation. Rates continued climbing amid persistent price growth, peaking at 3.75% in June 2024.
A subsequent downward trend in inflation led to a series of rate cuts, reaching a floor of 2% in June 2025. A year later, in June 2026, the bank shifted back to rate hikes as energy prices surged following the war in Iran, pushing inflation upward once again. Overall during Lagarde's tenure, the ECB has implemented 20 changes to the deposit rate, comprising 12 hikes and 8 cuts, excluding the three upcoming meetings before her departure.
