The head of the European Central Bank will step down from her position

Christine Lagarde announced her departure from the ECB presidency, prompting the European Council to initiate the selection process for her successor. The new president will be chosen following the nomination process outlined in Article 283 of the EU Treaty. Lagarde's resignation comes nine months before her term was set to end, and she received a standing ovation from the ECB Governing Council. Previously, she was considered a potential candidate for the French presidency in 2027, although she has not confirmed these rumors. Lagarde has held various ministerial positions and served as Managing Director of the IMF before her ECB role, which began on November 1, 2019.