Former IMF chief Christine Lagarde replaces Mario Draghi as head of European Central Bank

European Union leaders confirmed on Friday the appointment of Christine Lagarde as the new chief of the European Central Bank, replacing Mario Draghi from November 1.

Lagarde's confirmation for a non-renewable term of eight years comes after EU leaders nominated her for the position on July 2.

FATF retains Pakistan on grey list; warns action for failure to combat terror financing