I have been informed by Christine Lagarde, President of the European Central Bank, of her intention to step down from her role on 7 February 2027. I respectfully acknowledge her decision. I would like to thank Madame @Lagarde for her dedication as President of the @ecb since November 2019. Throughout her mandate, she has led the European Central Bank with a strong sense of duty and responsibility. Europe has been well served by her leadership in uncertain times and her unwavering commitment to the European project. Through a global pandemic, a war in Europe, energy crises and inflation shocks, she has provided a steady and determined stewardship, helping to safeguard stability and the resilience of the euro area. To ensure a smooth transition to the next leadership of the ECB, the process for the appointment of her successor will be initiated today and will proceed without delay, with a view to a timely decision by the European Council acting in its euro area composition, in accordance with the procedure set out in Article 283 (2) of the Treaty on the Functioning of the European Union.