Concerns are mounting that Europe's central macroeconomic institution might not be ready for turnover at the highest level.
In a letter seen by Euronews, European Central Bank staff members have questioned the institution’s stability in the face of rumours of the early departures of its president, Christine Lagarde, and board member Isabel Schnabel.
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The staff calls the board to provide "appropriate clarity regarding potential leadership transitions", as discussions of major departures can affect both monetary policy and ECB internal reforms.
"We do not take a position on the accuracy of these reports, nor do we question the right of any individual to consider future professional or public responsibilities," the staff members write, referring to press coverage of the rumours. "However, when such possibilities concern members of the Executive Board, and specifically the ECB President, they inevitably raise institutional questions."
In early February, the Financial Times, which also first reported on the letter, spread the news about a possible early departure by Lagarde before the end of her mandate in October 2027.
What she would like to do next is not certain, but she has floated some options herself, telling Euronews that she would like to play a role in French presidential election campaign – albeit not by standing as a candidate.
Another possibility is her taking the helm of the World Economic Forum, which the Wall Street Journal first reported in February.
Another board member, Isabel Schnabel, might depart before the end of her term, as she is in negotiation to take a senior role at the International Monetary Fund, the German outlet Handelsblatt reported in early September.
These rumours are circulating just as other ECB leaders prepare to depart on schedule. Among them is Chief Economist Philip Lane, whose mandate ends in May 2027.
"Prolonged uncertainty regarding the future of the institution's senior leadership can therefore affect trust in the ECB's communications, create concern among staff and stakeholders, and complicate the orderly planning of leadership succession and strategic priorities," the letter says.
The potential reshuffle also comes in a moment of high uncertainty for the eurozone.
The volatility of energy prices due to the ongoing wars in the Middle East and Ukraine are making the job hard for the ECB to keep inflation low. Last week, Lagarde announced an interest rate hike to keep inflation low, that the ECB's 2% inflation target will not be met by the end of 2027.
