Lagarde's early ECB exit is now a succession story, and succession is a rates story. Who replaces her will define the reaction function for euro yields and EUR/USD more than any single meeting. Leader

What happened: European Central Bank President Christine Lagarde announced Thursday that she will step down on Feb. 7 next year. Key numbers: Departure date: Feb. 7 next year. Why it matters: The announcement opens the question of who will lead the ECB next, with candidates tipped to replace her. Coverage: 10 outlets in 24h

European Central Bank President Christine Lagarde announced Thursday that she will step down on Feb. 7 next year.

The announcement opens the question of who will lead the ECB next, with candidates tipped to replace her.