00:00European Central Bank President Christine Lagarde has announced her resignation
00:04nine months ahead of her eight-year term.
00:07She has led the ECB since November 2019 and will leave on February 7th next year
00:13after more than seven years in the role.
00:17Lagarde's term was due to end in October 2027,
00:20but speculation about an early departure had centred on the 2027 France's presidential election.
00:26According to a Reuters report, Lagarde had resigned
00:29so she could weigh in on political matters in her native France more freely.
00:34European Council President Antonio Costa said the search for her successor would begin immediately
00:39with two former National Central Bank governors are considered frontrunners.
00:43They are former Dutch Central Bank Governor Klaas Gnod,
00:46who also chaired the Financial Stability Board,
00:49and former Spanish Central Bank Governor Pablo Hernandez de Kost.
00:52Financial markets showed little reaction and analysts said the ECB's established reputation
00:58would endure beyond Lagarde's leadership.
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