European shares went up on the start of the bidding on July 3. It all happened after the European Council confirmed the candidacy of Christine Lagarde for the post of the Head of European Central Bank, as Reuters reported.
“The blue-chip euro-zone STOXX .STOXX50E index was up 0.8% at 1037 GMT, its highest level since mid-June last year, while the pan European STOXX 600 was up 0.8% after hitting its highest since end-July last year,” the news agency reports.
Besides, the yield on central government bonds across almost entire Europe went down to record lows, and the bank’s shares reduced by 0,5%. The shares of the chip makers also decreased after it was reported that Huawei should be considered on the blacklist.
n July 2, the European Council agreed on the candidates for future leaders of the EU institutions. Christine Lagarde is nominated on the post of the Head of European Central Bank. Since 2011, Lagarde worked as the Head of the IMF. Before, she was working as the Economy Minister of France.
European Central Bank is the central bank of the European zone. It completely depends on other institutions of the EU. It also controls the gold and foreign currency reserves and supports price stability in the Eurozone. European Central Bank has to develop and implement monetary policy in eurozone, conduct international currency transactions, preserve official reserves of the foreign currency of the member states and manage them, facilitate the functioning of the payments system. European Central Bank regulates the distribution of money supply among the financial institutions, state, and companies.