By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel said Thursday that he respected ECB President Christine Lagarde’s decision to step down early but deeply regretted it, praising her leadership of the institution through tough periods.

“I respect Christine Lagarde’s decision to leave office early, but I also very much regret it,” Nagel said in a personal statement provided by the Bundesbank, which he heads.

“Christine Lagarde has led the ECB and the Governing Council outstandingly in difficult times,” he said.

Nagel said fulfilling the ECB’s monetary policy mandate of price stability “was and always has been her most important concern.”

Lagarde announced Thursday that she will step down after the ECB’s February 2027 monetary policy meeting, nearly nine months before her term was due to expire on October 31.