Europe Asia News

European Council President António Costa stated that European Central Bank President Christine Lagarde had informed him of her intention to step down on February 7, 2027. Costa said he respected Lagarde's decision and thanked her for her dedication throughout her presidency since November 2019.

Costa noted that Lagarde had led the European Central Bank during a period of uncertainty, contributing to the preservation of stability and resilience in the euro area throughout the global pandemic, the war in Europe, energy crises and inflation shocks.

Costa announced that the process to appoint Lagarde's successor would be launched today and proceed without delay to ensure a smooth transition to the new President of the European Central Bank. He stated that the aim was for the European Council, acting in its configuration of euro area members, to reach a timely decision in accordance with the procedure set out in Article 283(2) of the Treaty on the Functioning of the European Union.