President of the European Central Bank Christine Lagarde stepping down next year

European Central Bank President Christine Lagarde announced she will step down from her role next year. “It has been a source of great pride to serve this institution. I thank all of those who have supported me on this journey over the past seven years,” Lagarde said, CNBC reported. 
Lagarde has led the central bank since July 2019, and her term was due to end in October 2027. 
She said she will step down on Feb. 7. European Council President Antonio Costa thanked Lagarde for her “dedication” and said the process of appointing her successor will begin immediately. 

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