ECB staff warn of stability risks from Lagarde departure rumours

European Central Bank staff have raised concerns about institutional stability amid rumours that President Christine Lagarde and board member Isabel Schnabel may leave before their mandates end, according to a letter seen by Euronews. The staff letter urges the ECB board to provide clarity on potential leadership transitions, warning that prolonged uncertainty could undermine trust in communications, complicate succession planning, and affect monetary policy and internal reforms. The staff do not verify the rumours but stress the institutional questions they raise. Reports suggest Lagarde may depart before October 2027, potentially to join the French presidential campaign or lead the World Economic Forum, while Schnabel is reportedly in talks for an IMF role. These come amid scheduled departures, including Chief Economist Philip Lane in May 2027, and as the ECB navigates inflation pressures from Middle East and Ukraine conflicts.