Costa to initiate appointment of Lagarde's successor for ECB chief

European Council President António Costa has announced the start of the process to select a new president of the European Central Bank (ECB), according to Report's European bureau.

"I have been informed by Christine Lagarde, President of the European Central Bank, of her intention to step down from her role on 7 February 2027. I respectfully acknowledge her decision," Costa said in a post on X.

According to Costa, the appointment process begins on October 29 and will be completed without delay.

The European Council president said he intended to ensure that the European Council makes a timely decision on the matter.

He thanked Lagarde for leading the ECB since November 2019, noting that she had headed the regulator through the COVID-19 pandemic, war in Europe, energy crises and inflationary shocks.

"Europe has been well served by her leadership in uncertain times and her unwavering commitment to the European project," Costa said.

Lagarde took office as ECB president on November 1, 2019. Her initial eight-year term is due to expire on October 31, 2027, and cannot be extended.

Her early departure comes as France prepares for presidential elections in April 2027. An earlier change at the helm of the regulator would allow her successor to be appointed before the vote, the outcome of which could alter the political balance in one of the eurozone's largest economies.

Earlier, media reports linked the possibility of Lagarde's early departure to French President Emmanuel Macron's desire to influence the choice of the ECB's next president before the end of his presidential term.

Costa did not provide an official explanation for why February 7 had been chosen as the departure date.