EU aims to pick new ECB chief by year-end

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The European Union (EU) wants to name the next head of the European Central Bank by the end of the year, Eurogroup chief Kyriakos Pierrakakis said Monday. Christine Lagarde , who has headed the ECB for seven years, has announced on October 29 that she is stepping down prematurely from the position, nine months ⁠before ⁠the end of her term. Lagarde's early decision to step down makes the schedule tight because leaders must also fill two other seats on the ECB's Executive Board ​within months. "The ambition here is that the whole process would have completed itself by the end of the year," Pierrakakis said before a Eurogroup meeting of eurozone finance ministers.