Lagarde will leave her post as ECB President in February

European Central Bank (ECB) President Christine Lagarde announced that she will leave her post on February 7, 2027. According to the statement made by the ECB on Thursday, Lagarde will leave her post as president approximately eight months before the end of her term.

Lagarde, who took office in 2019 instead of Mario Draghi, became the fourth president of the ECB and the second president from France. Lagarde's term was expected to end in October 2027 under normal circumstances.

Lagarde's departure will initiate a critical process to determine the new president who will manage monetary policies that affect the lives of more than 350 million people in the 21-member Eurozone.

Change of duty at the ECB in a critical period

Lagarde's decision to leave comes as the Frankfurt-based ECB is going through a difficult economic and geopolitical period. Struggling with high inflation caused by the Iran war, the bank also faces pressures created by geopolitical uncertainties, fluctuations in bond markets and the large increase in Europe's defense and infrastructure spending.

Two names stand out in the presidential race

Among the names that could replace Lagarde, Spanish Pablo Hernandez de Cos and Dutch Klaas Knot stand out.

According to a Bloomberg survey of economists conducted in October, Hernandez de Cos, the former governor of the Bank of Spain and currently president of the Bank for International Settlements (BIS), is seen as the strongest candidate for the ECB presidency.