Finnish Prime Minister Jyrki Katainen says he is stepping down in June and resigning as leader of the conservative National Coalition Party.

Mr Katainen made the announcement on Saturday in a speech launching the party’s campaign for next month’s European Parliament elections.

The 42-year-old said he would not stand for the European Parliament or the Finnish parliamentary elections scheduled in 2015, public broadcaster YLE reported.

“I have been leader of the National Coalition Party for 10 years, member of parliament for 15 years, finance minister for four years and prime minister for three years,” Katainen said.

“A year before the next parliamentary elections is the right time for the party to choose a new party leader who will lead the National Coalition Party successfully through the 2015 elections,” he added, according to YLE.

The party conference is scheduled for June 13-15.