Lagarde told The Wall Street Journal she expects to complete her term as ECB president through October 2027, dampening speculation of an early departure that could allow France to influence the succession before its 2027 election.

Summary:

• Christine Lagarde told The Wall Street Journal (gated) she expects to serve as ECB president until October 2027.

• Speculation has swirled that she could step down early.

• An early exit would give French President Emmanuel Macron influence over her successor before the April 2027 election.

• Lagarde declined to comment directly on an FT report of a possible early resignation.

• Two ECB executive board seats (Philip Lane, Isabel Schnabel) are due to open next year.

• Political sensitivities rising as France approaches a potentially pivotal election.

European Central Bank President Christine Lagarde said her “baseline” expectation is to complete her term through October 2027, pushing back against renewed speculation that she could step down early.

In an interview with The Wall Street Journal, Lagarde said she believes consolidating the ECB’s achievements in recent years will require her full term. “When I look back at all these years, I think that we have accomplished a lot,” she said, adding that the focus now is ensuring those gains are “solid and reliable.”

Lagarde described her mission as safeguarding price and financial stability while protecting the euro and ensuring it remains “solid and strong and fit for the future of Europe.”

The comments come amid market chatter that she could resign before her mandate ends, potentially allowing French President Emmanuel Macron to shape the succession process ahead of France’s April 2027 presidential election. While all 27 EU leaders formally appoint the ECB president, major economies such as France and Germany traditionally play an influential role in the negotiations, often alongside broader political trade-offs across EU institutions.

Lagarde declined to comment directly on a Financial Times report suggesting she might step down early. The European Central Bank later said she had not made a decision regarding the end of her term, stopping short of explicitly denying the report.

Political sensitivities are heightened given the possibility that France’s next election could shift power toward the far-right National Rally party, led by figures including Jordan Bardella. An early appointment of a successor could be seen as an effort to secure institutional continuity ahead of potential political upheaval, a move critics argue risks fuelling accusations of democratic manoeuvring.

The succession debate is further complicated by upcoming vacancies on the ECB’s executive board, with the terms of Chief Economist Philip Lane and Isabel Schnabel set to expire next year.

Lagarde has previously dismissed speculation about an early exit, including reports she might seek the top role at the World Economic Forum. On Thursday she said the WEF was “one of the many options” she might consider after leaving the ECB.

Asked whether speculation about her tenure could undermine perceptions of ECB independence, Lagarde said the institution remains “very respected and credible,” expressing hope she has contributed to that standing.