Christine Lagarde Is Next ECB President, EU Confirms

European Union (EU) leaders have confirmed the appointment of France’s Christine Lagarde as the next head of the European Central Bank, thus removing the final hurdle between her and the powerful post.

She is elected to the position for a non-renewable term of eight years, the EU leaders announced in a statement on Friday.

Lagarde is set to succeed the incumbent head of the Frankfurt-based financial institution Mario Draghi on Nov. 1 as the first woman to occupy the post.

The former International Monetary Fund chief was nominated for the job as part of a top personnel package thrashed out by EU leaders in July.