ECB President Lagarde reportedly plans to quit before Macron's term ends

The Financial Times reports that ECB President Christine Lagarde intends to leave before France's 2027 presidential election so outgoing President Emmanuel Macron can help shape her successor; the ECB says no decision has been made.

Christine Lagarde is reported by the Financial Times to be considering leaving her post as European Central Bank president before France's presidential election in spring 2027. Her current term is due to end in October 2027. The report says she would time a departure so outgoing President Emmanuel Macron could help influence the choice of her successor. The ECB has stated that Lagarde remains focused on her mission and has not taken any decision regarding the end of her term. Reported facts: - The FT story says Lagarde would prefer Macron and German Chancellor Friedrich Merz to be key European leaders in choosing her successor. - Lagarde's term formally expires in October 2027; France holds a presidential vote in spring 2027 and the far-right National Rally is a potential contender. - An ECB spokesperson said no decision has been made and that Lagarde remains focused on her duties. - German officials said Berlin would propose a candidate who supports Germany's emphasis on stability and sound public finances. - Potential successors mentioned in media include Klaas Knot, Pablo Hernández de Cos and Joachim Nagel; Isabel Schnabel has expressed interest but legal constraints on board terms may affect eligibility. - Markets showed a muted reaction and some economists said a successor is unlikely to cause a radical change in ECB policy because decisions are consensus-driven. Summary: A reported early departure would place the timing and politics of the ECB leadership choice into sharper focus and could affect how EU leaders coordinate appointments to the Executive Board when other terms expire next year. Officially, no decision has been announced by the ECB. Undetermined at this time.