Lagarde says early ECB exit possible as she considers French politics
12 reported1 unconfirmed
European Central Bank President Christine Lagarde has not ruled out leaving her post early to enter French politics, according to an interview with French newspaper Les Echos. Lagarde, whose term ends in October 2027, said an early departure is “possible” ahead of France’s presidential elections that year. She stated that a European voice should be heard in the French presidential debate, particularly if a candidate’s platform would diminish France’s place within Europe. Lagarde said she would “ask myself some questions” about personal involvement in the campaign, including supporting a candidate or running herself. The first round of voting is scheduled for April 2027, with a runoff if no candidate wins 50%. Far-right National Rally leader Jordan Bardella is currently the frontrunner in polls to replace President Emmanuel Macron, who is not seeking re-election. The euro sold off in February after a Financial Times report that Lagarde was considering an early exit, though the ECB said at the time no decision had been made. Lagarde emphasized her short-term commitment to the ECB, saying the captain must remain on board during turbulence.
What’s reported
Lagarde’s term as ECB president ends in October 2027.
She told Les Echos an early departure is “possible” ahead of the 2027 French presidential election.
Lagarde said: “I think a European voice must be heard in the French presidential debate.”
Asked about personal involvement in the campaign, she said: “I’m going to ask myself some questions.”
Jordan Bardella, leader of the National Rally, is the frontrunner in polls to replace President Macron.
Macron entered office in 2017 and is not running for re-election.
The first round of voting will take place in April 2027, with a runoff if no candidate wins 50%.
The euro sold off in February after a Financial Times report that Lagarde was considering an early exit; the ECB said at the time no decision had been made.
The ECB declined to comment on Lagarde’s latest remarks when approached by CNBC.
The French government is attempting to pass budget cuts of at least 4 billion euros ($4.6 billion) to reduce its public deficit to 3% of GDP by 2029.
Finance Minister Roland Lescure said debates around the 2027 election must not interfere with passing this year’s budget.
Since Macron’s re-election in 2022, France has had five prime ministers.
Open questions
Whether Lagarde will actually leave the ECB early or run for office in France.
Key figures
Christine Lagarde, ECB President
Jordan Bardella, leader of the National Rally party
Emmanuel Macron, French President (not running for re-election)
Roland Lescure, French Finance Minister
Sources: CNBC
