Frankfurt:European Central Bank President Christine Lagarde will resign from her role on February 7, 2027, as announced by the bank on Thursday.

According to Anadolu Agency – English, Lagarde conveyed her decision to the bank's Governing Council and European Council President Antonio Costa earlier in the day.

Her successor will be selected by the European Council following the nomination process outlined in Article 283 of the Treaty on the Functioning of the European Union. The Governing Council expressed their gratitude to Lagarde and honored her with a standing ovation after the announcement.