Christine Lagarde

Money Moves

Will leave Feb. 7, 2027; said on Nov. 5 that a December rate hike depends on incoming data

Christine Lagarde leaves the European Central Bank on Feb. 7, 2027, about nine months before her term ends, after announcing on Oct. 29 that she wants freedom to speak on matters beyond monetary policy. Euro-area inflation reached 4% in October, up from 3.8% in September, led by energy costs.

Updated 8 hours ago

Rule Changes

Led two 2026 rate hikes and an October pause as inflation reached 3.8%

The European Central Bank raised interest rates twice in 2026, lifting its key deposit rate from 2.0% to 2.5% by September. It held there on October 29 as energy prices tied to the Iran war pushed eurozone inflation to 3.8%, the highest since 2023.

Updated Nov 2

Money Moves

Serving; has announced an early departure

The European Central Bank left its key deposit rate at 2.50% on October 29, 2026, even as euro area inflation climbed to 3.8% in September from 3.2% in August. Energy prices drove most of the increase, with energy inflation jumping to 18.9% from 14.3%.

Updated Nov 1

Money Moves

Announced she will step down early. Said on October 29 that a December hike was likely.

The European Central Bank cut rates in early 2026, then reversed course in June when an oil shock pushed inflation up. It raised rates again on September 10, lifting its deposit rate to 2.50%, and held on October 29.

Updated Oct 30

Rule Changes

Announced on 29 October 2026 that she will step down as ECB President on 7 February 2027

The European Central Bank is rebuilding how the euro area's money moves. In late September 2026, its Governing Council tightened collateral rules for central bank loans, switched on Pontes (a system that settles tokenised assets in central bank money), and extended the digital euro pilot to merchants. On 29 October, ECB President Christine Lagarde said she will step down on 7 February 2027.

Updated Oct 30

Money Moves

Held rates at 2.5% on October 29; said the council debated a hike

The European Central Bank held its deposit rate at 2.50% on October 29, after debating whether to hike again. Eurozone inflation had hit 3.8% in September, a three-year high, as energy prices rose 18.9% on the Iran war.

Updated Oct 14

New Capabilities

As of September 2026: Oversees the Eurosystem's tokenization strategy

The European Central Bank switched on a new settlement system Monday for tokenized securities. Pontes links commercial blockchain platforms to TARGET, the Eurosystem's payment backbone, so trades settle in central bank reserves rather than a private ledger's own token.

Updated Sep 22

Rule Changes

As of May 2026: Welcomed Bulgaria as 21st eurozone member; presided over ECB expansion

Bulgaria became the 21st eurozone member on January 1, 2026, replacing the lev at a fixed rate of 1.95583 per euro. Euro banknotes and coins began circulating at midnight, ending nearly three decades under a currency board.

Updated May 19