European Central Bank president Mr Wim Duisenberg has decided to step down next year.
He will retire on July 9th, 2003, his 68th birthday.
The bank says Mr Duisenberg has told the president of the European Council Mr Jose Maria Aznar and Ecofin president Mr Rodrigo Rato about his decision.
The ECB says Mr Duisenberg's decision has to be seen against the background of his declaration in 1998 that he did not want to serve the full eight-year term in view of his age.
There was speculation at the time of his appointment as Euro-bank president that he got the job after France and Germany, the two biggest countries in the 12 member euro-zone, could not agree on a candidate.
The announcement comes after the successful introduction of euro notes and coins, a huge logistical job that was done without major problems in the first weeks after January 1st.