Christine Lagarde will step down as president of the European Central Bank on February 7, nine months before her term ends, The Guardian and AP report. AP says her term was to end October 31, 2027.

"I want to have the freedom of speech, the freedom of expression and the freedom to engage on matters that are not monetary policy matters," Lagarde said at a news conference Thursday, the outlets report. "I'm interested in the truth, and I see the truth being very often damaged, contradicted by misrepresentation," she said, The Guardian reports. She did not elaborate, the outlets report.

The move had been expected, the outlets report. Many thought she would leave early so European leaders could pick a successor while French President Emmanuel Macron is still in office. Economist Holger Schmieding of Berenberg bank said the EU is trying to guard against the risk that Marine Le Pen wins France's 2027 election, The Guardian and AP report.

Possible successors include Klaas Knot, the former head of the Dutch central bank, and Spain's Pablo Hernandez de Cos, the outlets report. European Council President Antonio Costa said the search would go ahead without delay, AP reports.

Lagarde, a former head of the International Monetary Fund, joined the ECB in 2019, the outlets report. Her announcement came as the bank left its key interest rate at 2.5% despite inflation of 3.8%, The Guardian and AP report.

What we know: Lagarde will leave the ECB on February 7.
What we don't: Who will replace her and what she will do next.