Christine Lagarde announced on Thursday that she would step down as the president of the European Central Bank in February, cutting short a turbulent term that spanned a series of economic crises including the Covid-19 pandemic and two energy shocks.

There had been growing speculation and some intrigue that Ms. Lagarde, 70, would leave the post before the end of her eight-year term in October 2027. This could smooth the way for a transition ahead of a politically sensitive time in Europe, particularly in France, which is set to elect a new president in the spring.

European leaders select the president of the central bank, which sets interest rates for the 21 countries that use the euro. Ms. Lagarde’s successor will shepherd Europe’s economy through a consequential period. The region is contending with an onslaught of Chinese exports that is eating away at its industrial heartland and is still roiled by American policies that have upended global trade and sent shocks through energy markets.

“It has been a great pride and a huge privilege to serve this institution,” Ms. Lagarde said in a video statement. “I think that I leave this institution with a sense of good work done and an E.C.B. that is fit for the future.”

Ms. Lagarde will end her term on Feb. 7, after a monetary policy meeting. The central bank’s policymakers held interest rates steady on Thursday even as the region contends with high energy prices, elevated inflation and turmoil in the French bond market. They have already raises rates twice this year since the outbreak of the conflict in the Middle East. Ms. Lagarde will give a news conference in Frankfurt shortly.

Rumors that Ms. Lagarde would step down early have been swirling for more than a year, setting off a race to be her successor. Last year, Klaus Schwab, the founder of the World Economic Forum, said Ms. Lagarde had considered leaving the central bank to become head of the forum, which hosts an influential gathering each year in Davos, Switzerland.