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Seven days: 5 July 2019

Seven days: 5 July 2019

Lagarde for ECB

European government bonds rallied on the news of International Monetary Fund (IMF) managing director Christine Lagarde’s nomination to become the next president of the European Central Bank (ECB), stoked by expectations of a continuation of an ultra-loose monetary policy. In June debt prices rose after current ECB president Mario Draghi – who is due to leave the bank at the end of October – hinted that he was preparing to unveil fresh stimulus measures, including an expansion of its €2.6 trillion quantitative easing programme. Ms Lagarde has relinquished her responsibilities at the IMF while the nomination process is ongoing.   

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