The FT, citing a person familiar with the matter, said Lagarde had not yet decided on the exact time of her departure, but was keen for Macron and German Chancellor Friedrich Merz to be the key decision makers in who succeeds her. Macron cannot run for a third term again.
“President Lagarde is fully focused on her mission and has not made any decision regarding the end of her term,” an ECB spokesperson said.
The FT report comes just a week after Bank of France Governor Francois Villeroy de Galhau said he would resign in June this year, more than a year before the end of his term, allowing Macron to appoint his replacement before a presidential election that the far right could win.
Although it is up to all leaders from the 21 eurozone countries to choose Lagarde’s successor, practice shows that any successful candidate must have both German and French support to fill the role.
There are no formal candidates for the position yet, but several names are circulating in ECB circles as potential ECB presidents. The most prominent of these are Klaas Knot, former head of the Dutch central bank, and Pablo Hernandez de Cos, general manager of the Bank for International Settlements. Lagarde’s non-renewable term at the ECB runs until October 31, 2027. Before heading the ECB, she was managing director of the International Monetary Fund from 2011 to 2019 and before that she was France’s finance minister.
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