By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde will step down on 7 February 2027, the ECB announced Thursday, confirming that she will leave before her eight-year term expires at the end of October next year.

Lagarde informed the Governing Council and European Council President António Costa of her decision Thursday, the ECB said in a brief statement.

Her successor will be appointed by the European Council under the nomination procedure set out in Article 283 of the Treaty on the Functioning of the European Union, according to the statement.

The Governing Council thanked Lagarde and gave her a prolonged standing ovation, the ECB said.

The release did not give a reason for her departure or announce her next role.