Finance
ECB President Lagarde plans to quit before Macron's term ends, FT reports
Published by Global Banking & Finance Review®
Posted on February 18, 2026
2 min readLast updated: February 18, 2026
Quick Summary
Christine Lagarde is reportedly set to leave the ECB before her term ends, according to the FT. This move could have significant implications for the bank's future policies.
Christine Lagarde May Depart ECB Before French Presidential Election
Lagarde's Future at the ECB
FRANKFURT, Feb 18 (Reuters) - European Central Bank President Christine Lagarde plans to leave her job before next year's French presidential election to allow Emmanuel Macron to have an input into picking her successor, the Financial Times reported on Wednesday.
Lagarde's term is due to end in October 2027 but some fear that the far right may win the French presidential race in the spring of 2027, complicating the selection for the new leader of Europe's most important financial institution.
Citing a person familiar with the matter, the FT said Lagarde has not yet decided on the exact timing of her departure but was keen on Macron and German Chancellor Friedrich Merz to be the key deciders in who succeeds her. Macron cannot run again for a third term.
Timing of Departure
"President Lagarde is totally focused on her mission and has not taken any decision regarding the end of her term," an ECB spokesperson said.
Implications for ECB Leadership
The FT report comes only a week after Bank of France Governor Francois Villeroy de Galhau said he would step down in June this year, more than a year before the end of his term, allowing Macron to name his replacement before the presidential election that the far-right could win.
Potential Successors
While it will be up to all leaders from the 21-nation euro zone to pick Lagarde's successor, past practice suggests that any successful candidate must have both German and French support to clinch the role.
There are no formal candidates for the job yet but several names have been floating among ECB circles as potential ECB presidents. The most prominent among these are former Dutch central bank chief Klaas Knot and Bank for International Settlements General Manager Pablo Hernandez de Cos.
Lagarde's non-renewable term at the ECB runs until October 31, 2027. Prior to heading the ECB, she was managing director of the International Monetary Fund from 2011 to 2019 and before that, the French finance minister.
(Reporting by Ananya Palyekar in Bengaluru and Balazs Koranyi in Frankfurt; Editing by Christopher Cushing and Kim Coghill)
Key Takeaways
- •Christine Lagarde is expected to leave the ECB early.
- •The report comes from the Financial Times.
- •Lagarde's departure could impact ECB policies.
- •Reuters has not verified the report.
- •Lagarde's role at the ECB has been significant.
Frequently Asked Questions about ECB President Lagarde plans to quit before Macron's term ends, FT reports
1What is the European Central Bank?
The European Central Bank (ECB) is the central bank for the euro and administers monetary policy within the Eurozone, aiming to maintain price stability and oversee the financial system.
2What is monetary policy?
Monetary policy refers to the actions taken by a central bank to control the money supply and interest rates to achieve macroeconomic goals such as controlling inflation, consumption, growth, and liquidity.
3What is a central bank?
A central bank is a national institution that manages a country's currency, money supply, and interest rates, often overseeing the banking system and implementing monetary policy.
4What is financial stability?
Financial stability refers to a condition in which the financial system operates effectively, with stable prices, sound financial institutions, and a robust economy, minimizing the risk of financial crises.
5What is a financial market?
A financial market is a marketplace where buyers and sellers engage in the trade of financial assets such as stocks, bonds, currencies, and derivatives, facilitating capital allocation and liquidity.
