The departure will take place roughly nine months before the end of Lagarde’s eight-year term. The early change will open a succession process for the institution responsible for the euro area’s monetary policy, with the European Council expected to appoint the next ECB president.
The European Central Bank said Lagarde had informed both its Governing Council and António Costa, who serves as president of the European Council. The ECB’s announcement confirmed the departure date but did not identify who might replace her.
Euronews reported that the ECB gave no reason for Lagarde’s departure. The available material therefore establishes the timing of the resignation, but not the underlying reason for leaving before the scheduled end of her mandate.
The appointment process is due to begin without delay, according to the ECB and Euronews. The European Council will appoint the successor, although no candidate has been named in the supplied reports.
POLITICO Europe characterized the timing as giving French President Emmanuel Macron a say in choosing Lagarde’s successor before France’s presidential election next year. That is political context attributed to the publication, rather than an institutional explanation given by the ECB.