Rumors Swirl Over ECB President’s Early Resignation as Questions Rise About the Future of the Digital Euro and Bitcoin

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Speculation that European Central Bank (ECB) President Christine Lagarde may step down before completing her term is drawing attention to the potential impact on the introduction of the digital euro and the direction of cryptocurrency regulation. Analysts suggest her departure could be brought forward to before the French presidential election to facilitate an agreement between French President Emmanuel Macron and German Chancellor Friedrich Merz on her successor.

According to Cointelegraph on February 18 (local time), the Financial Times (FT), citing sources, reported that Lagarde is considering resigning before the end of her term in October 2027. An ECB spokesperson dismissed the report, stating that Lagarde remains fully committed to her duties and that no decision has been made regarding the end of her mandate. Nevertheless, markets are closely watching for potential changes that a leadership transition could bring.

The speculation over Lagarde’s early resignation comes at a pivotal moment for the ECB’s digital agenda. During her tenure, she accelerated preparations for the digital euro while stressing strict oversight of stablecoins under the Markets in Crypto-Assets (MiCA) framework, warning that they could pose risks to financial stability. She has maintained a hardline stance on cryptocurrencies, describing Bitcoin (BTC) as a speculative asset with no intrinsic value.

Figures mentioned as potential successors have also shown cautious attitudes toward cryptocurrencies. Former Bank of Spain Governor Pablo Hernández de Cos and Dutch central bank chief Klaas Knot have regarded cryptocurrencies and stablecoins as risks to financial stability and advocated strong regulation. Bundesbank President Joachim Nagel likened Bitcoin to “digital tulips,” criticizing it as lacking transparency, while ECB Executive Board member Isabel Schnabel has dismissed it as a speculative asset without fundamental value.

The digital euro project is currently in the technical preparation phase and awaits final approval from European Union lawmakers. ECB Executive Board member Piero Cipollone expects digital euro legislation to be adopted in 2026, with a 12-month pilot phase involving real transactions set to begin in the second half of 2027. If the timeline proceeds as planned, the Eurosystem is expected to complete preparations for the first issuance of the digital euro around 2029.

Despite the possibility of a leadership change, the ECB’s overall regulatory direction is expected to remain intact, though priorities and communication strategies on specific issues such as the digital euro and stablecoin oversight could shift. Markets are closely monitoring how the next leadership will navigate the competitive dynamics between private cryptocurrencies like Bitcoin and central bank digital currencies (CBDCs).

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