Lagarde to leave early – Klingbeil says Germany wants a say on ECB leadership
The ECB president will step down on Feb. 7. Finance Minister Klingbeil said Germany would "bring its weight to bear as the largest state in the euro area."
Archive image · Photo: Europäische Kommission - Audiovisueller Dienst, Claudio Centonze, Yügen, CE - Service audiovisuel, EC - Audiovisual Serv / Wikimedia Commons, CC BY 4.0 (cropped and resized)
European Central Bank President Christine Lagarde will step down on Feb. 7, 2027, a little over eight months before her term was due to end in late October 2027, the ECB announced shortly before its interest rate decision. European Council President António Costa said the succession process would begin "today."
German Finance Minister Lars Klingbeil (SPD) said: "Together in the euro area, we will discuss the future leadership of the ECB and decide promptly." Germany would "bring its weight to bear as the largest state in the euro area," he said, adding that he was in close contact with Chancellor Friedrich Merz (CDU) and European counterparts.
Former Dutch central bank governor Klaas Knot and Spain's Pablo Hernández de Cos, head of the BIS, are seen as favourites, according to ZDFheute and dpa. Bundesbank President Joachim Nagel has also been mentioned. A German candidate is seen as hard to push through, however, since a German, Ursula von der Leyen, already heads the European Commission.