Christine Lagarde has announced that she will leave her post as the president of the European Central Bank, cutting short a turbulent term that has included several economic crises.
The New York Times reported that Lagarde announced on Thursday that she would leave her post in February, well ahead of the end of her eight-year term in October 2027.
Lagarde’s term takes in several European energy price shocks and the economic havoc of the COVID-19 pandemic with her announcement coming at what is a politically precarious moment for the continent.
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The central bank sets interest rates for the 21 countries that use the euro currency and its president is usually selected by European leaders. Many have speculated that the likelihood of major EU player France’s impending swing to the far right in next year’s presidential election has spurred Lagarde’s decision to leave early while Emmanuel Macron is still in power.
Before taking the reins at the ECB, Lagarde was also the first female managing director of the International Monetary Fund, which she spent eight years leading.
