Thai central bank leaves rate at 1.00% for fourth meeting
Growth and export forecasts were raised, while inflation projections and estimates for foreign tourist arrivals were lowered.
Lagarde announces resignation from ECB, will leave in February
Her departure on February 7, 2027, will come before her term expires, giving EU leaders time to choose a successor ahead of France’s presidential election.
Christine Lagarde announced on October 29 that she would leave the European Central Bank presidency on February 7, 2027. Her departure comes as the central bank confronts energy-driven inflation and rising borrowing costs.
The ECB said Lagarde had notified its Governing Council and European Council President António Costa of her decision. Her mandate was due to expire at the end of October 2027, and speculation about an earlier exit had persisted for months.
The timing allows current European Union leaders to select her replacement before a French presidential election. Polls put far-right candidate Marine Le Pen ahead. Former Dutch central bank governor Klaas Knot and former Spanish central bank governor Pablo Hernandez de Cos are considered leading candidates for the ECB role.
The bank has been raising interest rates to stop an oil-price shock associated with the Iran war from spreading to wages and other prices. At the same time, sharply higher government bond yields, particularly in heavily indebted France, have made borrowing more expensive for businesses and households.
Lagarde has said those tighter financing conditions will restrain economic growth and inflation. The ECB's next rate announcement is scheduled for 1:15 p.m. GMT on October 29, with her regular press conference following at 1:45 p.m. GMT.