Frankfurt [Germany], October 30 (ANI): European Central Bank (ECB) President Christine Lagarde on Thursday informed the Governing Council and European Council President Antonio Costa that she would step down from her position on February 7, 2027.

Her successor will be appointed by the European Council following the nomination process set out in Article 283 of the Treaty on the Functioning of the European Union, according to a press statement issued by the bank.

The Governing Council thanked President Lagarde warmly and presented her with a sustained ovation, the statement said.

'I leave this institution with a sense of good work done and an ECB that is fit for the future,' Lagarde said in a video statement posted on social media.

Lagarde is departing seven months before the formal expiry of her term. European Council President Costa stated that the process to identify her successor would start without delay.

The vacancy is set to be filled in tandem with other senior ECB roles becoming available. These include the executive board seat of Isabel Schnabel, who will depart in early January, and the post of chief economist Philip Lane, who will leave in May.

Former central bank governors from the Netherlands and Spain, Klaas Knot and Pablo Hernandez de Cos, are widely regarded as the principal contenders to succeed Lagarde as head of the European Central Bank.

Lagarde has chosen to leave office as her home country, France, approaches elections. She has confirmed that she will not stand for the French presidency but will continue to champion pro-European values in France 'in whichever capacity' she judges most effective.

Lagarde, 70, previously served as French finance minister and led the International Monetary Fund. (ANI)