There is an end to everything: Mario Draghi will leave the European Central Bank (ECB) after eight years in charge of the institution that changed the way monetary policy is conducted in the euro zone.

The ECB moved from being a central bank modeled after the German Bundesbank to a modern, Anglo-Saxon type organization under his reign. The question is, what's next?

Christine Lagarde, the incoming president, will find her hands pretty much tied by Draghi's last big policy package.

"After the Governing Council passed a comprehensive and highly controversial easing package at its 12 September meeting, we expect the ECB policy to be on hold for the remainder of the year and for much if 2020," said Florian Hense from Berenberg in a research note.

"A divided ECB with a new president could maintain its current stance until 2021."