Lagarde to leave the ECB early, on 7 February 2027

Christine Lagarde will leave her post as president of the European Central Bank (ECB) on 7 February 2027. She has told the ECB's Governing Council and European Council president António Costa, the ECB said in a press release. Her term would have run until October next year.

The ECB sets interest rates for the eurozone, which affects Dutch mortgages and savings. Its main task is to keep inflation around 2%. Its key rate is set every six weeks, and a new decision is due this afternoon.

The ECB's statement said: "The president of the European Central Bank, Christine Lagarde, has today informed the Governing Council and the president of the European Council, António Costa, that she will step down on 7 February 2027."

Lagarde, 70, has led the ECB since 2019. She had said earlier that she might leave before the end of her second term. Her successor will be appointed by the European Council.

Klaas Knot, former president of De Nederlandsche Bank (DNB), the Dutch central bank, has long been mentioned as a possible successor. So has Pablo Hernández de Cos, former president of the Spanish central bank.