European Central Bank President Christine Lagarde has told colleagues she remains focused on her role and would inform them directly if she were planning to step down, four people familiar with her internal message said on Thursday, in what was taken as a sign she is not preparing to resign imminently.
The comments come amid mounting speculation about the future of Lagarde’s tenure as head of the eurozone’s central bank. Her current non‑renewable term runs until October 2027, but recent reports in the Financial Times suggested she could consider leaving before that date potentially before France’s April 2027 presidential election to allow outgoing French President Emmanuel Macron and German Chancellor Friedrich Merz greater influence over the choice of her successor.
An ECB spokesperson has reiterated that Lagarde has not taken any decision on the end of her term and is fully committed to her duties, emphasising that she remains focused on fulfilling her mandate. The bank’s official communications underscore continuity at a time when the eurozone economy remains a key focus for policymakers.
Speculation about her potential early departure has been fuelled in part by broader leadership changes in European institutions. In recent weeks, Bank of France Governor François Villeroy de Galhau said he would step down early, prompting discussion about succession timing that could allow key European leaders to shape future appointments. However, ECB Executive Board member Piero Cipollone said on Wednesday he had “no indication” that Lagarde plans to resign before the end of her mandate, adding that she remains in full control of the central bank and continues to guide it with strength and energy.
Market reaction to the rumoured early exit has been muted, with investors largely expecting the ECB to maintain its current monetary policy stance. Economists and analysts have said any leadership change is unlikely to prompt abrupt policy shifts, given the consensus‑driven nature of ECB decision‑making and the fact that headline inflation has stabilised near the bank’s target. Traders have largely priced in steady interest rates for the foreseeable future.
While speculation persists about potential successors including former Dutch central bank chief Klaas Knot and Pablo Hernández de Cos, general manager of the Bank for International Settlements Lagarde’s reaffirmation to colleagues appears aimed at quelling uncertainty. The wider debate over ECB succession reflects broader political dynamics in Europe as member states prepare for elections and consider the balance of influence in key EU institutions.
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