ECB Leadership Transition May Influence MiCA Implementation, DeFi Policy and Digital Euro Timeline

European Central Bank President Christine Lagarde is expected to step down before France's next presidential election, a move analysts say could affect how the EU advances its Markets in Crypto Assets framework, addresses DeFi regulatory gaps and sets the pace for digital euro rollout. Under Lagarde, the EU moved MiCA from draft to enforcement and advanced the digital euro from an investigation phase launched in October 2021 to a preparation stage announced in October 2025, positioning it as a euro-denominated digital payment option within the bloc. Leading candidates to succeed Lagarde, including Pablo Hernández de Cos and Klaas Knot, have publicly emphasized crypto risks and the need for strict oversight, signaling continuity in Europe's standards-driven approach to crypto regulation and cross-border payments.