Europe’s central bank chief Christine Lagarde to step down nine months early

Departure of Lagarde, seen as candidate to take over World Economic Forum, comes as eurozone struggles with weak growth and inflation

Christine Lagarde, the eurozone’s top central banker, is stepping down nine months early.

The European Central Bank announced on Thursday morning that Lagarde would step down as its president on 7 February 2027; her term was scheduled to run until the end of October next year.

The ECB’s governing council thanked Lagarde warmly and gave her a long standing ovation, as it met to set interest rates across the eurozone.

Lagarde has been seen as a candidate to take over the running of the World Economic Forum (WEF), which holds its annual meeting in Davos each January.