ECB'S LAGARDE TO STEP DOWN IN FEBRUARY

European Central Bank President Christine Lagarde told the Governing Council on Thursday that she will step down from the post on February 7, 2027. The council gave her a standing ovation after the announcement, which closes months of succession speculation. Her replacement will be chosen by the European Council under the bloc's standard nomination process for an ECB president, leaving just over three months to find one before she leaves the $EUR currency bloc's central bank.