**European capitals are negotiating a broad leadership package for the ECB executive board, with Christine Lagarde’s expected departure by early 2027 shaping discussions ahead of France’s 2027 presidential election.** Her eight-year term runs until October 2027, and recent statements have reinforced continuity through at least the end of 2026. In a September 12 interview, Lagarde stated she will leave in 2027 without providing further details, while earlier comments confirmed she intends to remain at least through year-end. Speculation about an earlier exit—tied to potential roles such as World Economic Forum leadership or French political involvement—has prompted succession talks involving candidates like Klaas Knot and others, alongside the expiring terms of Philip Lane and Isabel Schnabel. However, no formal announcement or decision has confirmed a 2026 departure, and ECB staff have called for clarity to avoid institutional uncertainty. These factors support trader consensus around a 60% probability she remains in post through 2026, reflecting the gap between persistent rumors and her public commitments plus the procedural timeline for any transition.