ECB President Lagarde to leave office on February 7 — Politico Europe

In Frankfurt, Germany, European Central Bank President Christine Lagarde said that she will leave office on February 7. Politico reports. The ECB confirmed her resignation but provided no details about Lagarde’s future plans.

Vacancy at the helm of the ECB

The announcement ends months of speculation about Lagarde’s future and opens a vacancy at the head of one of Europe’s most influential institutions. It also paves the way for agreements among EU member state capitals on a package of appointments to the ECB’s Executive Board, which consists of six members.

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Changes to the Executive Board

Isabel Schnabel is to leave the ECB in January to take up a senior position at the International Monetary Fund. The term of ECB Chief Economist Philip Lane ends in May. According to the publication, Lagarde’s resignation will also allow French President Emmanuel Macron to take part in selecting her successor before next year’s presidential election in France. Politico names National Rally leader Marine Le Pen, who has long criticized the EU, as the leading candidate for the post of French president.