Christine Lagarde will step down as president of the European Central Bank on February 7, 2027, nearly nine months before the official end of her term. Her succession will unfold amid political bargaining among euro-area governments as France faces a mounting fiscal crisis and sovereign bond yield spreads widen. Former Dutch central bank chief Klaas Knot and former Spanish central bank chief Pablo Hernández de Cos are among the leading contenders. Two of Lagarde’s predecessors, Philip Lane and Isabel Schnabel, are also due to leave next year, opening a race for several senior positions. Having led the ECB since July 2019, Lagarde could become chair of the World Economic Forum, while any potential run for the French presidency remains unconfirmed.
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