FRANKFURT, Oct 29 — European Central Bank President Christine Lagarde will step down in February 2027, months before her term expires in October next year, the Frankfurt-based institution said today.

“European Central Bank President Christine Lagarde today informed the Governing Council and the president of the European Council Antonio Costa that she will step down from her position on February 7, 2027,” the ECB said in a statement.

Lagarde’s departure before the end of her term opens the way for European leaders to choose a new ECB chief before French presidential elections scheduled for April, in a race where eurosceptic far-right and far-left candidates are leading in opinion polls.

Lagarde herself has ruled out standing for the presidency, telling French newspaper La Croix last month that it would “not be a good idea”.