Contest to Lead ECB Begins as Lagarde Bows Out

European Central Bank President Christine Lagarde has announced she will step down in February, after months of speculation about her next move. The decision opens a leadership contest at the EU’s central bank, with the succession process expected to gather pace as the deadline approaches. The news arrives amid near-term uncertainty for markets and policymakers who have been tracking Lagarde’s position and the future direction of the ECB. Bloomberg’s Brussels bureau chief Suzanne Lynch reports from EU headquarters, framing the announcement as the start of a new phase for the institution’s top role.