The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, according to four people close to the organisation. The move would mean she steps down early as head of the European Central Bank and would trigger a wider reshuffle at the top of the ECB. No final decision has been taken.
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters. She would then leave her post as head of the European Central Bank ahead of schedule.
Board meeting set for November 2
The WEF's Board of Trustees, which includes Lagarde herself, will meet on November 2 and could elect her as its next chair, the sources said. Two of the people said the board could instead use the meeting to set a date for a vote, so that she could appear as the designated chair at the annual meeting in Davos in January.
Her election was not certain, the sources cautioned, but they said the 70-year-old former French finance minister had broad support from the board. The ECB declined to comment, and the WEF did not immediately respond to a request for comment.
Timing ahead of the French election
Lagarde's ECB term is scheduled to end in October 2027. Leaving early would give European Union leaders a chance to pick a successor before France's spring presidential election, which opinion polls suggest the far-right could win.
A fifth person said Lagarde's desire to give Macron a say on her successor was one factor in the timing. There is concern in European political circles that negotiations could become more difficult if far-right leader Marine Le Pen were to win the presidency.
A possible package of ECB appointments
Her exit would open a second vacancy on the ECB's six-member Executive Board after Isabel Schnabel's resignation last month. Chief Economist Philip Lane is due to step down in May.
EU officials say the three appointments could be agreed as a package deal among member states. Former central bank governors Klaas Knot of the Netherlands and Pablo Hernandez de Cos of Spain are seen as frontrunners for the presidency, while France is understood to be targeting the chief economist's post.
Source: Investing.com
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