Reactions to early resignation of ECB President Christine Lagarde
GS•European Central Bank President Christine Lagarde will step down early, prompting politicians and business figures to weigh in on the timing, her tenure and the selection of her successor.
1. Officials respond
French President Emmanuel Macron thanked Lagarde for her commitment and work during multiple crises, and said the transition should be prepared in an orderly and balanced manner with European partners. French Finance Minister Roland Lescure called her an exceptional president who modernized and strengthened the ECB.
2. Timing and succession
Jean-Philippe Tanguy, a lawmaker for Marine Le Pen’s RN party, called the move an insult. German lawmaker Markus Ferber said the impression that the departure was timed around national elections could damage trust in the ECB. DIW President Marcel Fratzscher said the early departure gives European governments and institutions an opportunity to appoint a successor who safeguards European values and the ECB’s independence.
3. Market view
Goldman Sachs fixed-income macro investing head Simon Dangoor said the ECB is well established and that its institutional behavior is likely to outlast Lagarde and remain similar whoever takes over.
