European Central Bank President Christine Lagarde to resign nine months before term ends

European Central Bank President Christine Lagarde to resign nine months before term ends Lagarde will resign on Feb 7, ahead of the end of her eight-year term, paving the way for European leaders to choose her successor. FRANKFURT: European Central Bank President Christine Lagarde will resign Feb 7, nine months ahead of the end of her 8-year term, the ECB said Thursday (Oct 29). The resignation opens the way for European leaders to choose a successor for the ECB president and other top officials whose terms are ending next year. There had been speculation that Lagarde would leave early to enable European Union leaders to choose a successor while pro-EU French President Emmanuel Macron is still in office and guard against the possibility that right-wing presidential candidate Marine Le Pen might win the election and influence the choice. Lagarde, the former head of the International Monetary Fund, was appointed in 2011 to succeed Mario Draghi. EU chief Antonio Costa on Thursday praised Lagarde's "leadership" after she stepped down, and said the process to name a successor begins right away. "Through a global pandemic, a war in Europe, energy crises and inflation shocks, she has provided a steady and determined stewardship, helping to safeguard stability and the resilience of the euro area," Costa, who leads the European Council representing EU states, said. "To ensure a smooth transition to the next leadership of the ECB, the process for the appointment of her successor will be initiated today and will proceed without delay, with a view to a timely decision," Costa said on social media.