Costa announces the start of the selection of a new ECB head

President of the European Council António Costa has announced the start of the procedure to select a new head of the European Central Bank (ECB) following the early departure of Christine Lagarde.

Costa wrote about this on the social network X.

According to him, Lagarde informed him of her intention to leave the post on February 7, 2027. The procedure for appointing a successor begins on October 29.

Costa thanked Lagarde for leading the ECB since November 2019, noting that she headed the regulator during the COVID-19 pandemic, the war in Europe, energy crises and inflationary shocks.

"Europe has benefited greatly from her leadership and her unwavering commitment to the European project in turbulent times," Costa said.

Lagarde's initial eight-year mandate expires on October 31, 2027, and is not renewable.

Her early departure comes as France prepares for presidential elections in April 2027. An earlier change of the ECB head will make it possible to appoint a successor before the vote, the outcome of which could change the political balance in one of the largest economies of the eurozone.

Earlier, the media linked Lagarde's possible early resignation to the desire of French President Emmanuel Macron to influence the choice of the regulator's new leader before the end of his presidential term.

Costa did not specify the reasons why February 7, 2027, was chosen as the date of Lagarde's departure.