Lagarde does not rule out stepping down early as head of the ECB
The President of the Central Bank: it may be necessary to make ‘a European voice’ heard in the French presidential debate
The Financial Times had reported this earlier and, despite the denial by the person concerned, rumours in Brussels and Frankfurt have never stopped circulating: Christine Lagarde could leave the ECB before the end of her term, which is due to expire in October 2027.
“It’s a possibility,” Lagarde admitted in an interview with Les Echos, explaining that a “European voice” might be needed in the campaign for the upcoming French presidential election, where Macron’s supporters risk being defeated by the right-wing Rassemblement National.
But Lagarde’s early departure risks triggering a political earthquake in the EU, where next January will see the so-called ‘mid-term’ – a turning point for the EU’s top jobs. And already in recent weeks, in Brussels, there were those who did not rule out a dramatic reshuffle, with Lagarde at the helm of the Commission and the ECB led by Berlin. It should be emphasised, however, that these are mere rumours, often fuelled by the gossip of the so-called ‘Brussels bubble’.
‘A European voice must be heard in the French presidential debate’
The point, in any case, is that Lagarde’s possible early departure would set the succession process in motion – a process that is more delicate than ever at a time when the EU and the euro are navigating the ups and downs of inflation and the consequences of the war in Ukraine and the crisis in the Middle East.
According to Lagarde, “the captain of the ECB ship must remain on board” during this “period of turbulence”. However, when asked about a possible early resignation, Lagarde replied: “It is possible. I think a European voice needs to be heard in the French presidential debate.”
