Live Updates > Live Update Details
2026-02-18 15:38:50
[Lagarde's Term Remains Uncertain, ECB Leadership Undergoes a "Reshuffle"] ⑴ A spokesperson for the European Central Bank (ECB) stated on Wednesday that President Christine Lagarde has not yet made any decision regarding whether to complete her full term (until October 2027), emphasizing that she is "fully focused on her current mission." Previously, media reports suggested that Lagarde might step down early to allow French President Emmanuel Macron and German Chancellor Merz to participate in the selection of her successor. ⑵ The ECB is entering a period of intensive personnel changes at the top. Vice President Charles de Guindos' eight-year term will end this May, and Chief Economist Lane's term will also expire in May 2027. The appointment of senior ECB officials is typically decided by Eurozone governments through complex negotiations, with Germany and France wielding significant influence. ⑶ The French political situation adds uncertainty to this personnel reshuffle. Presidential elections will be held next April; Macron, who has already served two terms, is ineligible to run, and the far-right National Rally is expected to perform strongly. Bank of France Governor Villeroy announced earlier this month that he will step down early in June, meaning his successor will be appointed before the next presidential election. (4) In May 2025, reports surfaced that Lagarde was considering leaving early, to which the ECB responded that the president was "determined to complete her term." This renewed speculation comes at a crucial time for the ECB's monetary policy shift, and the uncertainty surrounding senior personnel adds new variables to the future policy path.
