European Central Bank President Christine Lagarde announced she will step down on February 7, 2027, informing the ECB Governing Council and European Council President António Costa. Her original term was scheduled to end in October 2027. Lagarde's successor will be appointed by the European Council under Article 283 of the Treaty on the Functioning of the European Union. The next ECB president will set interest rate policy for the eurozone's 21 member states, affecting more than 350 million people. Spain's Pablo Hernández de Cos and the Netherlands' Klaas Knot are competing for the position, with economists viewing de Cos as the strongest candidate.