Christine Lagarde
Why it is trending in America today
Lagarde to step down as ECB president in February
Christine Lagarde is trending after she announced on Thursday that she will leave her post as president of the European Central Bank on Feb. 7, nearly nine months before her term ends.
The background
FRANKFURT, Oct. 29 — Lagarde has led the European Central Bank since July 2019. During that time she guided the bank through the Covid-19 pandemic, the war between Russia and Ukraine, and a run of energy price shocks that pushed inflation in the euro area above 11%. Her term had been set to run until October 2027. The Governing Council gave her a standing ovation on Thursday.
Antonio Costa, president of the European Council, thanked her for her work and said the search for her replacement will begin right away. Two former central bank heads, Klaas Knot of the Netherlands and Pablo Hernández de Cos of Spain, are seen as leading candidates. Analysts also noted that France faces a growing sovereign debt problem ahead of its 2027 presidential election.
What happens next
The European Council has started the process of choosing her successor, and the ECB's monetary policy decision was due later on Thursday, when rates were expected to be held.
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Key facts
- Lagarde will step down as ECB president on Feb. 7, nearly nine months before her term ends.
- Her term was scheduled to end in October 2027.
- She has led the ECB since July 2019.
- The Governing Council gave her a standing ovation on Thursday.
- Klaas Knot and Pablo Hernández de Cos are considered top contenders to succeed her.
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Trend data
Christine Lagarde started trending in the US on Oct 29, 6:40 AM EDT, reaching about 200+ Google searches. 9 news outlets covered it in our feed, including Reuters, KTVN, Bloomberg. The earliest report we found came from Reuters at Oct 29, 6:25 AM EDT.