Berlin (CNN) -- Germany's President Christian Wulff announced his resignation Friday following a series of scandals that prompted calls for him to step down. The German presidency is a largely ceremonial office, but Wulff's resignation is seen as a blow to Chancellor Angela Merkel, who supported his candidacy as president. However, it is unlikely to impact Germany's handling of the eurozone debt crisis, Carsten Brzeski, a senior economist at ING, told CNN. In a brief televised statement, Merkel said she accepted Wulff's resignation with the "utmost respect and deepest personal regret." Wulff had put the interests of the general public to the fore in deciding to resign, Merkel said.
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NEW: The resignation will not affect Germany's handling of the eurozone debt crisis - analyst
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Hanover prosecutors say they have "grounds for initial suspicion of receiving bribes"
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Chancellor Angela Merkel says she accepts Wulff's resignation with deep regret
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Recent developments have eroded public trust and confidence in him, Wulff says
In a separate televised statement, Wulff said @placeholder "needs a president who can devote himself completely to national and international challenges" -- and one who commands the trust of a wide majority of citizens.