Christine Lagarde is determined to complete her eight-year term as president of the European Central Bank, the ECB said.

The announcement comes after the Financial Times reported that she had held exit talks earlier to head the World Economic Forum.

The newspaper pointed out that Lagarde, who has more than two years left in her term, has been in talks for years to take over the leadership of the IMF and met with the organisation's former president Klaus Schwab in April to discuss a succession plan.

Schwab has been quoted as saying that Lagarde, who is a member of the CIF board of trustees, is at the centre of the succession plan and that they discussed the timing and even the practical details, including Lagarde's accommodation.

Asked to comment on the information, an ECB spokesman said, "President Lagarde has always been fully committed to her mission and is determined to complete her mandate."

"The EFSF is not in a position to comment on any confidential discussions that may have taken place between our former president and Ms Lagarde," the spokesman added.

Lagarde's non-renewable term at the ECB expires on 31 October 2027. Before heading the ECB, Lagarde was managing director of the International Monetary Fund from 2011 to 2019 and before that France's finance minister.

Schwab, a founder of the CIF, resigned with immediate effect last month, and the group announced it had launched an investigation into his affairs after a whistleblower letter alleged irregularities.

Schwab denies the allegations. | BGNES