Christine Lagarde resigns as ECB chief to 'reclaim a freedom of expression'

She made her video announcement on social networks Thursday, October 29, with bandages on her face following a small surgical procedure. Christine Lagarde, the head of the European Central Bank, the ECB, will leave her post in February. An early departure of almost nine months before the expiration of his mandate.

In her video, she indicates that she wishes, "to regain freedom of speech, of expression, of commitment on subjects which do not relate to monetary policy. I feel that I have to say things and I cannot do it in my current position." Also read ECB rate increase: what consequences for the French?

Still, why leave nine months before the end of this prestigious mandate? Remember that the ECB is the central financial institution of the euro zone. It has the power to raise interest rates, maintain price stability, issue currency and supervise banks.

Should we see in this departure a link with the budgetary situation of France? The country is strangled by its debt, with borrowing rates soaring. The hypothesis of intervention by the ECB to rectify the accounts is gaining ground.

Christine Lagarde may be seeking to avoid having to intervene in her own country to impose difficult measures. We must not forget that she experienced the financial crisis of 2008 when she was Nicolas Sarkozy's Minister of the Economy. She saw the efforts required of Greece.

If the ECB comes to France's aid tomorrow, there will inevitably be compensation: austerity measures, difficult pension reform, spending cuts, etc. No political career plannedBut isn't his departure also linked to the political situation? This is obviously an option.

By leaving her post in February 2027, therefore before the French presidential election, she gives Emmanuel Macron the possibility of influencing the designation of his successor. With Marine Le Pen given the winner in the polls for the Élysée, some see it as a maneuver to prevent the National Rally, not always very pro-European, from having any influence on the ECB. Because the mandate at the head of the ECB lasts seven years.

And it's not just the RN who is suspicious. Jean-Luc Mélenchon also sees it as a maneuver by Emmanuel Macron to place his pawns. Also read Can the European Central Bank buy back French public debt, as La France insoumise claims?

We do not yet know what Christine Lagarde will do. She didn't say it. But she leaves with a rather positive assessment.

Machine-translated from French