Lagarde, whose term as European Central Bank president runs until October 2027, has declined to rule out leaving early ahead of France’s presidential elections that year.
Speaking to French newspaper Les Echos, Lagarde confirmed an early departure from her role is “possible,” raising fresh speculation about her political ambitions.
“I think a European voice must be heard in the French presidential debate,” Lagarde said, signaling a desire to shape the direction of the campaign.
She added that if the debate were to present a perspective that diminishes France’s place within Europe, she would feel compelled to speak out against it.
Asked directly whether she might support a candidate or even run herself, Lagarde offered a characteristically measured response: “I’m going to ask myself some questions.”
Far-right National Rally leader Jordan Bardella is currently the frontrunner in polls to succeed President Emmanuel Macron, who is constitutionally barred from seeking a third term.
Bardella has pledged to reorient France’s relationship with the European Union, promising to put the European Commission “back at the service of nations and no longer the other way around.”
The euro sold off in February following a Financial Times report that Lagarde was weighing an early ECB exit, though the bank stated at the time that no such decision had been made.
Despite the speculation, Lagarde stressed her near-term commitment to the ECB, telling Les Echos: “My term ends in October 2027. And I believe my mission is to maintain price stability. As we are once again in a period of turbulence, I believe the captain of the ECB ship must remain on board.”
Even if she serves her full term, Lagarde indicated she could still engage with presidential candidates, saying direct conversations in the coming months are “very possible.”
“I would have a French and a European voice because I am deeply committed to both,” she said, adding that France must play a decisive role in the economic future of the continent.
France is simultaneously grappling with a contentious budget reform effort, targeting cuts of at least 4 billion euros, or roughly $4.6 billion, to reduce its public deficit to 3% of GDP by 2029.
French Finance Minister Roland Lescure recently reaffirmed the government’s short-term commitment to a 5% deficit target as a stepping stone toward meeting EU requirements.
Lescure told CNBC that the 2027 election debate must not become entangled with the urgent task of passing the current budget, warning that “if one becomes the hostage of the other, it’s not going to work.”
France has seen five prime ministers since Macron’s 2022 re-election, reflecting a deeply fragmented parliament that has repeatedly complicated efforts to push through economic reforms.
Lagarde offered a pointed message to future candidates, saying: “France will have to make courageous decisions on difficult issues. Presidential candidates have a duty to examine these issues and propose solutions.”
She closed with a sharp assessment of the French electorate, insisting that voters “are perfectly aware of the situation and they expect a discourse of truth and solutions.”
