Mubasher: European Union (EU) leaders on Friday approved the appointment of Christine Lagarde as the next head of the European Central Bank (ECB), the Associated Press (AP) reported.

Lagarde will be leading the monetary policy setter for the 19-country bloc that uses the euro currency, as from 1 November, and will serve a non-renewable term of eight years.

The former International Monetary Fund (IMF) managing director will succeed Mario Draghi, who took office since 2011.

This came as a confirmation after the European Parliament and the ECB back her, while the European Council already issued a formal recommendation.