Christine Lagarde, the eurozone’s top central banker, is stepping down nine months early, ending months of speculation about her future.

The European Central Bank (ECB) announced on Thursday morning that Lagarde would step down as its president on 7 February 2027. Her term was scheduled to run until the end of October next year.

The ECB’s governing council thanked Lagarde warmly and gave her a longstanding ovation, as it met to set interest rates across the eurozone.

In a video message on social media, Lagarde said it had been a “great pride and huge privilege” to serve at the ECB. “I think that I leave this institution with a sense of good work done and an ECB that is fit for the future,” she added.

Lagarde has been seen as a candidate to take over the running of the World Economic Forum, which holds its annual meeting in Davos each January.…