European Central Bank (ECB) President Christine Lagarde discussed the possibility of stepping down early to head the World Economic Forum (WEF) with WEF founder Klaus Schwab.
As Schwab said in an interview with the Financial Times, he had been discussing a plan with Lagarde for “several years” that would see her replace him as head of the WEF. This was last discussed in early April, when Schwab visited Lagarde in Frankfurt “to discuss leadership succession at the WEF.” He was expected to remain at the helm of the WEF until Lagarde was ready to take over, but “no later than early 2027,” as the 87-year-old Schwab said in an interview with the FT.
Schwab, who founded the WEF in 1971, planned to remain head of the organisation’s board of trustees until January 2027. However, this April he was forced to step down after a series of allegations by an anonymous whistleblower that he and his family had received unacceptable financial benefits from the WEF. He denies the allegations.
Lagarde has been a member of the WEF’s board of trustees in Davos since 2008. Her eight-year term as ECB president expires in October 2027. FT sources say she has been considering stepping down at least 10 months early.
Any attempt by Lagarde to speed up her departure would intensify the battle for succession at the ECB.
The ECB presidency is one of the key financial positions in Europe and has always been the subject of political bargaining between eurozone countries, the FT notes.
A statement released by the ECB on Wednesday said that “President Lagarde has always been fully committed to her mission and is determined to see it through to the end of her term.”
