German President Wulff resigns amid scandal February 17, 2012 -- Updated 1143 GMT (1943 HKT) German President Christian Wulff, seen here on January 20, 2012, resigned his largely ceremonial office Friday. NEW: Chancellor Angela Merkel says she accepts Wulff's resignation with deep regret Wulff has put public interest to the fore in stepping down, she says Recent developments have eroded public trust and confidence in him, Wulff says "It is no longer possible for me to continue in my role as president," Wulff says Berlin (CNN) -- Germany's President Christian Wulff announced his resignation Friday, following a series of scandals that prompted calls for him to stand 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. In a brief televised statement, Merkel said she was accepting his 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. In a separate televised statement, Wulff said Germany "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. "The developments of the past days and weeks have shown that this trust and therefore confidence in my ability to serve have been adversely affected," he said. For this reason, it is no longer possible for me to continue in my role as president. The scandal involves alleged political favors and financial impropriety while he was state premiere of Lower Saxony. Merkel said Wulff's presidency would be remembered for his efforts to promote a modern, tolerant Germany. "He gave us important impetus and made it clear that the strength of this country lies in its diversity," she said. With his resignation, President Wulff reiterated his conviction that he always behaved legally correctly in office and in service to the people of our country. I express my utmost respect for this position. The members of her governing coalition would now discuss who should stand for election in his place, she said, in consultation with other political parties. Merkel had been due to meet Italian Prime Minister Mario Monti in Rome to discuss the eurozone crisis but canceled the trip amid the political storm over Wulff, who belongs to her party. Wulff, who was the state premiere of Lower Saxony for seven years, was one of Merkel's biggest rivals within the Christian Democrats before being elected to the presidency in 2010. It took three rounds of voting in the Reichstag, or German parliament, before he won enough backing from lawmakers to assume the role.