ECB's Lagarde says it 'would not be a good idea' to run for French president

European Central Bank ​chief Christine Lagarde said it would "not be ​a good idea" to ‌run in France's ​2027 presidential race, telling newspaper La Croix on Wednesday that if she were to step down early from the ‌bank in 2027, it would only be by a few months.

"That would not be a good idea at all," Lagarde was quoted as saying. "First, there's the question of vitality, energy, and strength. ‌There's also an unavoidable sense of sacrifice in this type of commitment. And ‌I'm 70 years old." Lagarde's comments appear to end speculation that she might leave the ECB early to seek the top office in France next year.

European Central Bank board member Isabel Schnabel resigned last week to ⁠take ​on a senior role ⁠at the International Monetary Fund, kicking off a lengthy reshuffle atop Europe's most powerful financial institution. Lagarde said France ⁠currently found itself in a perilous financial situation.

"When your debt is approaching 120% of GDP with ​no clear trajectory to control its growth, that's a serious issue," she said. "A credible path ⁠forward, collective determination, and reforms are needed to restore confidence." She said France needed to cut down on ⁠red ​tape, deepen labour market reforms and tackle a pensions system that was put under pressure by increasing life expectancy.

She was more upbeat about the solidity of the European financial ⁠system. "We are neither in 2008 nor 2011: the European financial system is much more robust," ⁠she said, noting ⁠that nations like Greece, Portugal, Ireland, who went "through very painful crises, put their public finances in order ... have since returned to growth that ‌is often ‌above average."