European Central Bank President Christine Lagarde speaks during a debate at European Parliament in Strasbourg, France, in February 2023. | AFP-JIJI

FRANKFURT – European Central Bank President Christine Lagarde announced her resignation on Thursday, ending months of speculation about her future just as Europe enters a period of rising economic volatility and divisive electoral politics.

Lagarde will step down on Feb. 7, giving current European Union leaders time to pick a successor well before a French presidential election that polls show far-right candidate Marine Le Pen is favored to win.

The move comes as the ECB battles inflation risks from an Iran-driven oil shock while a sharp rise in bond yields, especially in France, threatens to dampen growth.

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