Lagarde is stepping down from the ECB in February 2027. The President of the European Central Bank announced on X that she will step down on February 7, 2027, shortening her eight-year term (since November 2019) by several months. Her successor will be appointed by the European Council, in accordance with the Treaty on the Functioning of the European Union, following a recommendation from the Council and consultations with the European Parliament and the ECB. Under her leadership, work progressed on the digital euro. In September, the Pontes system was launched, enabling institutions to settle wholesale transactions using tokenized central bank money—an alternative to stablecoins. She has been a vocal critic of Bitcoin. In January 2025, she stated that cryptocurrency assets have no place in central bank reserves, which must remain fully liquid and secure. Previously, she served as Managing Director of the IMF and France’s Minister of Economy. Lagarde is concluding her term at the ECB. Is this a shift in stance toward crypto—or a continuation of the existing approach?