Head of the European Central Bank resigns

Costa announced that the process to select Lagarde's successor will begin immediately, allowing the European Council to make a timely decision. Lagarde has been mentioned as a potential candidate for the French presidency, but she has not confirmed these intentions. Costa expressed gratitude for Lagarde's leadership at the ECB since November 2019, highlighting her contributions during challenging times, including the Covid-19 pandemic and energy crises. Her resignation before the end of her term will facilitate the selection of a successor in coordination with French President Emmanuel Macron. The European Council will appoint the ECB president and vice-president, requiring a qualified majority from eurozone countries. Lagarde's resignation in February will enable her to engage in the presidential campaign, with the first round of elections scheduled for April 18.