CHRISTINE MADALEINE ODETTE LAGARDE, 63, former International Monetary Fund, IMF, boss, has been confirmed next president of European Central Bank, by European Union, EU, leaders.

European Union, leaders made the announcement in a statement, Friday, after final hurdle between her and the powerful job was removed.

Lagarde will be on the job for non-renewable eight years term. She was nominated for the job as part of top personnel package thrashed out by EU leaders in July.

She will succeed Mario Draghi, present incumbent of the Frankfurt based financial institution on November 1, 2019. She is the first woman to occupy the post.

Lagarde, a French lawyer, served as Chairman, International Monetary Fund, IMF, since 2011, and as Managing Director.  She relinquished this position on her nomination as president of the European Central Bank.