ECB chief Lagarde to step down in February 2027

European Central Bank President Christine Lagarde will step down from her position on Feb. 7, 2027, the bank announced on Thursday.

Lagarde informed the bank's Governing Council and European Council President Antonio Costa of her decision earlier in the day, the central bank said in a statement.

Her successor will be appointed by the European Council in accordance with the nomination process set out in Article 283 of the Treaty on the Functioning of the European Union.

The Governing Council thanked Lagarde and gave her a standing ovation following the announcement.