Lagarde says she’ll leave ECB in 2027, won’t give exact date

Christine Lagarde reiterated that she’ll depart as European Central Bank president in 2027, declining to say whether she’ll remain until her term ends next October.

“I’ll leave in ‘27.” Lagarde told Ireland’s RTE Radio on Friday. Asked whether that means in October of that year, she said, “We’ll see.”

“What I can tell you at this point is that whatever the time it’ll be handled in the most professional way, as it should be,” Lagarde said.

In July, she told reporters that “you are not going to see the back of me before 2027”. Last week, she said that “when there is something to report about me personally, you’ll be the first one to know”, adding that “there is nothing to report”.

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Lagarde recently boosted expectations of an early exit from the ECB by revealing that she’ll publish a memoir in January, with Bloomberg also reporting that the World Economic Forum, known for its annual gathering in Davos, is still courting her to take over and that she appears ready to accept the role.

ECB succession talks begin

Lagarde’s departure would open up one of the most powerful positions in global central-banking, with former monetary chiefs from the Netherlands and Spain among those competing for the job.

Speaking on Friday in Dublin, Spanish Economy Minister Carlos Cuerpo said it’s time to start discussing the ECB’s future after Lagarde.

“It is up to her to decide whether or not she finishes her mandate and we will be supporting her no matter what,” he told Bloomberg Television.

“In any case, these discussions need to take place or to start taking place” because “it is not just the presidency, there are more vacant spots available and we need to engage these discussions”.

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Lagarde said finding the right blend on the ECB’s key decision-making panels is key, with the terms of chief economist Philip Lane and executive board member Isabel Schnabel also ending next year.

“What matters is the skill-set that is at the table of the executive board, at the table of the Governing Council and having diversity of views actually helps,” she said.

“Diversity of views because you have men and women, diversity of views because you have central-bank experimented economists and because you have other people with a different background, I think that is helpful.”

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