European Central Bank President Christine Lagarde will step down from her role on Feb. 7 next year, nearly nine months before her term expires, she announced Thursday.
"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.
Lagarde has led the central bank since July 2019, steering its policy responses to the Covid-19 pandemic, the Russia-Ukraine war and a series of energy price shocks that sent inflation in the 21-nation euro area above 11%. Her term was due to end in October 2027.
She was given a standing ovation by the Governing Council of the central bank on Thursday.
The announcement came ahead of the ECB's latest monetary policy decision, due later on Thursday, in which it is expected to hold interest rates despite inflation in the 21-nation euro zone hitting a three-year high in September.