INTEL: Lagarde to leave ECB early to speak out on politics and Merz says successor by year-end

Update (29 Oct 2026): Lagarde has now given a reason for leaving early, and Merz has said a successor will be chosen by year-end.

European Central Bank President Christine Lagarde is leaving the presidency early, on February 7, and says she is doing so to speak out on political matters. Merz has said her successor will be chosen by year-end.

The departure was first reported earlier in the day, when market news reports said Lagarde had told ECB staff she would step down on February 7. One of those reports described the move as an early exit. The reports did not then give a reason.

Succession

Merz said the choice of her successor should be made by year-end. Separate reports say Europe’s capitals are preparing a fight over who should replace her as ECB president. The material available for this update does not name any candidates or describe how the selection will work.

What is still unreported

The material does not say which political matters Lagarde intends to address, or where she made her comments. It does not include an ECB statement, and it does not describe the handover arrangements. The ECB had announced a live broadcast in which she was due to explain the bank’s latest monetary policy decisions, but the reports do not say whether she discussed her departure there.

The ECB sets monetary policy for the euro area, so the choice of its next president carries weight for the institution’s direction. The confirmed points so far are the February 7 exit, Lagarde’s stated reason and Merz’s year-end timetable for naming a successor.