ECB Leadership Transition: Lagarde May Step Down Ahead of 2027 Elections

The **European Central Bank (ECB)** is the central monetary authority for the Eurozone, comprising 19 European Union (EU) countries that use the euro as their currency. Established in 1998 and headquartered in Frankfurt, Germany, its primary mission is to **maintain price stability** by targeting an inflation rate of **2% over the medium term**, ensuring the euro retains its purchasing power and supporting economic growth and job creation across member states[1][2][4][5]. The ECB’s key functions include defining and implementing the monetary policy of the Eurozone, conducting foreign exchange operations, managing the official reserves of member states, and ensuring the smooth operation of payment systems. It also holds the exclusive right to authorize the issuance of euro banknotes within the Eurozone[1][3]. The monetary policy decisions are made by the Governing Council, which consists of six Executive Board members and the governors of national central banks, meeting every six weeks to assess economic and financial developments[4][5]. Beyond monetary policy, the ECB has taken on significant supervisory responsibilities since the global financial crisis, overseeing the safety and soundness of major banks in the Eurozone to maintain financial stability and protect depositors’ money. This supervisory role is carried out in coordination with national supervisory authorities and involves a Supervisory Board that plans and executes these functions[1][2][3][6]. Historically, the ECB became responsible for the euro’s monetary policy from 1999, when the first 11 EU countries irrevocably fixed their exchange rates to the euro. Since then, it has played a crucial role in navigating financial crises, including the European sovereign debt crisis, by using innovative policy tools such as quantitative easing and negative interest rates to stabilize the economy and foster recovery[5][7]. Notably, the ECB’s headquarters, completed in 2014, symbolizes its central role in European integration. Under President Christine Lagarde’s leadership since 2019, th

## Overview The **Financial Times (FT)** is a globally renowned daily newspaper focused on international business, economic news, and financial markets, headquartered in London[2]. It is recognized for its in-depth analysis, editorial independence, and distinctive salmon-pink paper—a hallmark since 1893, originally chosen for cost-saving reasons but now a symbol of prestige[1][4]. The FT’s motto, “Without fear and without favour,” underscores its commitment to unbiased reporting[4]. ## What the Organization Does The FT delivers news across print and digital platforms, with editions tailored for the UK, Europe, the US, Asia, and the Middle East[1]. It features daily coverage of markets, companies, politics, and technology, along with special reports on industries, countries, and emerging trends[2]. Its weekend edition, **FT Weekend**, offers broader cultural and lifestyle content, while the FT Group provides subscription services for organizations seeking comprehensive global insights[2]. As of 2023, the FT boasts 1.3 million subscribers, with the vast majority accessing content digitally—a testament to its successful adaptation to the digital age[2]. ## History and Key Achievements Founded in 1888 by James Sheridan and his brother, the FT began as a four-page paper for London’s financial community, initially named the *London Financial Guide* before adopting its current title[1][3][4]. It quickly distinguished itself from competitors, notably the *Financial News*, by printing on pink paper—a tradition that endures[1][4]. A pivotal moment came in 1945 when the FT merged with its rival, the *Financial News*, consolidating its position as a leading financial publication[1][2][4]. Owned by Pearson from 1957, the FT expanded internationally, launching its first non-UK edition in Frankfurt in 1979 and entering the US market in 1985[1]. In 2015, Japanese media