Christine Lagarde to step down as ECB president in February

Christine Lagarde said she will step down as president of the European Central Bank on Feb. 7, ending months of speculation about her future and creating a vacancy at the top of one of Europe’s most powerful institutions, Politico reports.

"It has been a source of great pride to serve this institution․ I thank all of those who have supported me on this journey over the past seven years," Lagarde said․

The ECB gave no immediate details about her plans after leaving.

The announcement clears the way for a package deal among EU capitals over appointments to the ECB’s six-member Executive Board.

Isabel Schnabel is due to leave in January to take a senior role at the International Monetary Fund, while chief economist Philip Lane’s term ends in May.

It also gives French President Emmanuel Macron a say in choosing Lagarde’s successor before France’s presidential election next year.

"To ensure a smooth transition to the next leadership of the ECB, the process for the appointment of her successor will be initiated today and will proceed without delay," said European Council President António Costa, as he thanked Lagarde for her "dedication" and leadership.