ECB President Christine Lagarde to Step Down Early

Christine Lagarde announced that she will leave the European Central Bank presidency on February 7, about nine months before her eight-year term was due to end. Her early departure gives European Union leaders time to choose a successor before France’s April presidential election, which polls suggest far-right candidate Marine Le Pen is favoured to win. Emmanuel Macron praised Lagarde’s leadership and called for an orderly transition, while German MEP Markus Ferber warned that any perceived link to national elections could damage trust in the institution. German Chancellor Friedrich Merz and European Commission President Ursula von der Leyen also praised her work.