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Top ECB official Juergen Stark resigning 'for personal reasons' by end of year
FRANKFURT, Germany (AP) ' The European Central Bank says that top official Juergen Stark is resigning "for personal reasons" almost three years before the end of his eight-year term.
European stock markets and the euro fell sharply after the news.
Stark sits on the six-member executive council of the ECB, the eurozone's top monetary authority. Responsible for economics, he is often described as the bank's chief economist.
Stark, 63, is a former official with Germany's Bundesbank and is regarded as a hawk ' an advocate of higher interest rates and less expansionary monetary policy.