French Christine Lagarde to leave ECB presidency in February

Berlin, October 29 (KUNA) -- French European Central Bank (ECB) President Christine Lagarde announced on Thursday her departure from the post in early February, approximately eight months before the end of her official term. In a statement issued by the ECB at its headquarters in Frankfurt, Lagarde said she would step down on February 7, 2027, and that she had informed her colleagues at the bank of her decision nearly eight months before her term was set to expire. She added that it had been a great honor to serve the European institution, expressing her gratitude to all who had supported her over the past seven years. Lagarde did not specify the reasons for her early departure in her message, while the ECB announced the start of procedures to select her successor to ensure a smooth leadership transition. Among the prominent candidates whose names have been circulating in the German media are former Dutch Central Bank President Klaas Knot, Spanish Bank for International Settlements President Pablo Hernández de Cos, and German Central Bank President Joachim Nagel. Lagarde assumed the post in 2019 and led the ECB through crises including the coronavirus pandemic, rising energy prices, and inflation, which approached 11 percent in 2022 due to the war in Ukraine. (End) A.N.J. / T.M.A.