ECB President Christine Lagarde expected to leave bank before term expires next year: report

The FT report comes only a week after Bank of France governor Francois Villeroy de Galhau said that he would step down in June this year

Published Wed, Feb 18, 2026 · 02:39 PM

European Central Bank (ECB) President Christine Lagarde is expected to leave before the end of her eight-year term that expires in October 2027, the Financial Times (FT) reported on Wednesday (Feb 18), citing a source familiar with her thinking.

The FT said that Lagarde wanted to exit the bank before the French presidential election in April next year, as she wanted to allow outgoing President Emmanuel Macron and German Chancellor Friedrich Merz to find a new chief.

Macron cannot run again in 2027 after serving two consecutive terms.

Reuters could not immediately verify the report. The ECB did not immediately respond to a Reuters request for comment.

The FT report comes only a week after Bank of France governor Francois Villeroy de Galhau said that he would step down in June this year, more than a year before the end of his term, allowing Macron to name his replacement before the 2027 presidential election that the far-right could win.

The FT had also reported on Lagarde’s potential departure in May 2025, saying that the central banker had held talks about leaving early to head the World Economic Forum.

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The ECB at that time had said that Lagarde was determined to complete her eight-year term as president.

Lagarde’s non-renewable term at the ECB runs until Oct 31, 2027. Prior to heading the ECB, Lagarde was managing director of the International Monetary Fund from 2011 to 2019 and before that, the French finance minister. REUTERS

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