Christine Lagarde will step down as president of the European Central Bank (ECB) on 7 February 2027, the bank announced on Thursday, about nine months before her eight-year term was due to end. The announcement came as the ECB prepared to unveil its latest interest rate decision. Lagarde informed the ECB's Governing Council, which sets interest rates for the eurozone, and European Council President António Costa of her decision, the bank said in a statement. "The Governing Council thanked President Lagarde warmly and gave her a long standing ovation," the statement said. European Council President António Costa has thanked Lagarde for her service, praising her "dedication as President of the European Central Bank since November 2019".
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