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.
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