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Lagarde to resign early as ECB holds rates amid inflation concerns
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European Central Bank (ECB) President Christine Lagarde has announced she will step down on February 7, 2027, nearly nine months before the end of her term, saying she wants greater freedom to speak about global issues beyond monetary policy.
Key facts
- The announcement came on Thursday (October 29), as the ECB kept its benchmark deposit rate unchanged at 2.5% amid rising inflation, higher energy prices linked to the Middle East conflict and turmoil in European government bond markets,
- The deposit rate remained at 2.5%, the main refinancing rate at 2.65% and the marginal lending rate at 2.9%.
- Eurozone inflation reached 3.8% in September, almost twice the ECB's medium-term target of 2%, as rising energy costs continued to affect the European economy.
- Brent ends October up 13.6% as Iran war risks unsettle markets
- Lagarde, 70, has led the ECB since November 2019, having previously served as managing director of the International Monetary Fund
- Her eight-year term was originally due to end in October 2027.
Summary
The announcement came on Thursday (October 29), as the ECB kept its benchmark deposit rate unchanged at 2.5% amid rising inflation, higher energy prices linked to the Middle East conflict and turmoil in European government bond markets, particularly in France.
Lagarde, 70, has led the ECB since November 2019, having previously served as managing director of the International Monetary Fund. Her eight-year term was originally due to end in October 2027.