European Central Bank (ECB) President Christine Lagarde has informed the Governing Council and European Council President António Costa of her decision to step down on 7th of February next year, seven months before the end of her term.

Mr. Costa said the process to find her successor would begin immediately. According to an ECB press statement, Lagarde’s successor will be appointed by the European Council following the nomination process outlined in Article 283 of the Treaty on the Functioning of the European Union.