Frankfurt, Oct. 29 -- 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 ...