European Central Bank (ECB) President Christine Lagarde will resign on February 7, 2027, around nine months before the scheduled end of her term, the central bank announced on October 29, 2026.

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Lagarde’s departure will allow European leaders to select her successor ahead of France’s presidential election next year. Her eight-year term as head of the ECB was originally due to end on October 31, 2027.

The early resignation opens an important leadership transition at the institution responsible for monetary policy across the eurozone. The ECB plays a central role in managing inflation, setting interest rates and supporting price stability among countries that use the euro.

The timing of the announcement is significant because the selection of the next ECB president will take place ahead of a major political event in France. European leaders will need to agree on a successor as the central bank prepares for a change in leadership.

Lagarde, who previously served as managing director of the International Monetary Fund and as France’s finance minister, became ECB president in November 2019. Her tenure has included major economic challenges, including the pandemic’s aftermath, rising inflation and changes in the eurozone’s interest-rate environment.

Her departure will bring forward the process of choosing the next leader of the central bank. The successor will take charge of monetary policy decisions affecting borrowing costs, savings, businesses and households across the euro area.

Further details about the transition and the selection of Lagarde’s successor will be important as European leaders prepare for the change in leadership.