New Delhi, Oct. 30 -- Lagarde, 70, will leave Feb. 7, the ECB said Thursday. Her eight-year term was to end Oct. 31, 2027.

The resignation opens the way for complex political horse trading over her successor and replacements for two other top officials who are leaving next year. The ECB president leads the bank's governing council, which sets interest rates for the 21 countries that use the euro currency, affecting borrowing costs for everything from house purchases to new factories and serving as the European Union's chief crisis fighter in times of economic and financial turbulence.

"It has been a great pride and a huge privilege to serve this institution," Lagarde said in a video message posted on X. "I think that I leave this instit...