After months of denials, Christine Lagarde has finally acknowledged what the Financial Times first reported back in February: she may leave the presidency of the European Central Bank (ECB) before her term expires.
The reason: the French presidential elections scheduled for 2027.
ECB president breaks silence: an early departure is “possible”
Questioned by the French newspaper Les Échos on the rumors that have circulated in recent months, Lagarde gave an unambiguously affirmative answer for the first time:
«It’s possible. I think it’s necessary to have a European voice in the debate for the French presidential elections.»
The FT had first raised the possibility in an article published on February 18: “Lagarde to leave ECB before the end of 8-year term.” At the time, the paper cited sources suggesting her early exit was connected to the wishes of French President Emmanuel Macron — who, having served two terms, is constitutionally barred from seeking re-election — and to his desire to have a say in who leads what he considers one of the EU’s most important institutions.
By stepping aside, Lagarde would give Macron room to shape that succession — and, crucially, help block a potential push from Europe’s far right, particularly the Le Pen camp, to install a sympathetic figure at the ECB’s helm.
She won’t run for president — but she wants to be heard
Lagarde was careful to draw a line. When asked directly whether she intended to enter the French presidential race herself, she replied — first with a joke (“I’ll think about it”), then immediately walked it back: “I’m joking. I don’t think it’s on the agenda right now.”
What she does want is a platform: “I would speak with a French and a European voice, because I am deeply both,” she told Les Échos. Were she to weigh in on the presidential debate, her message would be unambiguous: France must play a decisive role in the future of the Continent. “And without this European context and anchor, our economic prospects would be, at the very least, uncertain.”
Those comments came from Sintra, Portugal, where the ECB’s annual Forum on Central Banking is currently taking place — the same gathering where Lagarde and Federal Reserve officials typically signal the direction of monetary policy to global markets.
The FT warning: a “political earthquake” in the EU
In flagging Lagarde’s remarks, the Financial Times noted that an early departure “risks triggering a political earthquake in the European Union,” particularly because the EU’s so-called “mid-terms” — a pivotal moment for the bloc’s top institutional appointments — are scheduled for January.
The paper also recalled speculation circulating in Brussels in recent weeks about a dramatic reshuffle: Lagarde moving to head the European Commission, with the ECB presidency shifting to Germany. The FT was careful to stress these remain “mere rumors, often fed by the gossip of the so-called Brussels bubble.”
What does seem firm, however, is Lagarde’s intention to make her voice heard as France heads toward its next election — above all if the campaign produces a vision of France’s role in Europe that she considers dangerously narrow. In that case, she said, someone would need to explain why such a path would be «a painful road for our country and our fellow citizens.»
Lagarde’s ECB mandate runs until late October 2027. Whether she serves out its final months is now, by her own admission, an open question.
Editor’s note
This article was originally published in Italian on money.it by Laura Naka Antonelli on July 03, 2026 as «BCE, Lagarde lo ammette. Non esclude addio anticipato in vista elezioni presidenziali Francia». It has been translated and adapted for an international audience by the Money.it International desk.
