ECB chief reportedly plans to quit before Macron term ends

London [UK], February 19: European Central Bank (ECB) President Christine Lagarde reportedly plans to leave her position earlier than expected and before next year's French presidential election to allow Emmanuel Macron to have an input into picking her ​successor, the Financial Times (FT) reported on Wednesday.Lagarde's term ​is due to end in October 2027, but some fear that the far right may win the French presidential race in the spring of 2027, complicating the selection for the new leader of Europe's most important financial institution.Citing a person familiar with the matter, the FT said Lagarde has not yet decided on the exact timing of her departure but was keen on Macron and German Chancellor Friedrich Merz to be the key deciders in who succeeds her. Macron cannot run again for a third term.The FT report comes only a week after Bank of France Governor Francois Villeroy de Galhau said he would step down in June this year, more than a year before the end of his term, allowing Macron to name his replacement before the presidential election that the far-right could win.While it will be up to all leaders from the 21-nation eurozone to pick Lagarde's ​successor, past practice suggests that any successful candidate must have both German ​and French support to clinch the role.Source: Qatar Tribune