Stark steps down from European Central Bank

The European Central Bank on Friday said Juergen Stark, a member of the Executive Board and the Governing Council, will step down, leaving his post by the end of the year for "personal reasons." 




Earlier Friday, news reports said Stark would step down due to disagreements over the ECB's bond-buying program. Stark was reportedly opposed to the reactiviation of bond purchases through the ECB's Securities Market Program last month. In a news release, the ECB said Stark would remain in his current position until a successor is appointed, which would be by the end of the year. 



Stark's term was set to expire in May 2014. ECB President Jean-Claude Trichet thanked Stark "wholeheartedly for his outstanding contribution to European unity over many years," the ECB said. 




News of Stark's resignation put added pressure on the euro and European and U.S. equities, analysts said.