FRANKFURT – European Central Bank (ECB) President Christine Lagarde said Thursday she will step down on Feb 7, 2027, nearly nine months ahead of the end of her eight-year term.

The European Council will immediately begin the process of selecting Lagarde's successor, European Council President Antonio Costa said on Thursday.

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The announcement comes ahead of France's spring 2027 presidential election, amid persistent speculation over Lagarde's next political moves and possible presidential ambitions.

It also comes at a delicate moment for the eurozone economy, ahead of the ECB's interest rate decision later in the day.