European Central Bank president Mario Draghi will not attend the US Federal Reserve's Jackson Hole gathering of central bankers later this week due to a heavy workload, a spokesman said Tuesday.
The absence of the ECB president will raise speculation that the central bank is ready to unveil further details of the bond buying plans it announced earlier this month. No Executive Board member will attend the conference, the ECB said.
However, Bundesbank president Jens Weidmann, who is vehemently against ECB bond buying, will attend, a spokesman confirmed on Tuesday.
Mr Draghi’s commitments next week include a debate on a pan-European banking union at the European Parliament’s Economic and Monetary Affairs Committee in Brussels next Monday, as well as the ECB's monthly interest rate meeting and press conference next Thursday.
The annual symposium would have been Mr Draghi's first Jackson Hole conference since he became ECB president in November. He had been scheduled to participate in an event on Saturday.
Federal Reserve Chairman Ben Bernanke delivers a speech on August 31 with investors looking for clues as to whether the US central bank will launch a fresh round of quantitative easing to help stimulate the economy.
ECB board member Jörg Asmussen warned in a speech on Monday night that the European Central Bank must carefully tailor its bond buying plan and not repeat the mistakes of last summer when it bought Italian debt only for the country to renege on its reform pledges.
He said: "There cannot be a repeat of the mistakes with Italy in the summer of last year, when the ECB bought Italian sovereign bonds and the time was unfortunately not used for necessary adjustment measures."
telegraph.co.uk
The absence of the ECB president will raise speculation that the central bank is ready to unveil further details of the bond buying plans it announced earlier this month. No Executive Board member will attend the conference, the ECB said.
However, Bundesbank president Jens Weidmann, who is vehemently against ECB bond buying, will attend, a spokesman confirmed on Tuesday.
Mr Draghi’s commitments next week include a debate on a pan-European banking union at the European Parliament’s Economic and Monetary Affairs Committee in Brussels next Monday, as well as the ECB's monthly interest rate meeting and press conference next Thursday.
The annual symposium would have been Mr Draghi's first Jackson Hole conference since he became ECB president in November. He had been scheduled to participate in an event on Saturday.
Federal Reserve Chairman Ben Bernanke delivers a speech on August 31 with investors looking for clues as to whether the US central bank will launch a fresh round of quantitative easing to help stimulate the economy.
ECB board member Jörg Asmussen warned in a speech on Monday night that the European Central Bank must carefully tailor its bond buying plan and not repeat the mistakes of last summer when it bought Italian debt only for the country to renege on its reform pledges.
He said: "There cannot be a repeat of the mistakes with Italy in the summer of last year, when the ECB bought Italian sovereign bonds and the time was unfortunately not used for necessary adjustment measures."
telegraph.co.uk
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