Rahnuma:Christine Lagarde resigns as European Central Bank President New Delhi, Oct 29 (IANS) European Central Bank (ECB) President Christine Lagarde on Thursday informed the Governing Council and the President of the European Council Antonio Costa that she will step down from her position on February 7, 2027. President Lagarde’s successor will be appointed by the European Council following the nomination process outlined in Article 283 of the Treaty on the Functioning of the European Union, according to a press statement issued by the bank.
The Governing Council thanked President Lagarde warmly and gave her a long-standing ovation, the statement said. “I leave this institution with a sense of good work done and an ECB that is fit for the future,” Lagarde said in a video statement posted on social media. Lagarde will be quitting her job seven months ahead of the formal expiry of her term. European Council President Costa said the process to find Lagarde’s successor would begin immediately. The appointment is expected to be filled along with other top ECB jobs that are falling vacant.
These include executive board seat of Isabel Schnabel, who will leave in early January, and chief economist Philip Lane, who will be quitting his post in May. The former central bank governors of the Netherlands and Spain, Klaas Knot and Pablo Hernandez de Cos, are widely seen as frontrunners to replace Lagarde at the top post of the European Central Bank.
Lagarde has resigned at a time when her home country, France, is going to the elections. She has said she would not be a candidate for the French presidency but would advocate for pro-European values in France “in whichever capacity” she deemed most efficient. Lagarde, 70, is a former French finance minister who has also headed the International Monetary Fund. The reason behind her resignation is seen by some observers as likely due to her wanting to play a role in the politics of her home country. This could not have been possible in her current post as ECB President. –IANS sps/na
