ECB President Mario Draghi will speech at Brussels sept 3 2012, Mario Draghi press conference sept 3 2012,Mario Draghi at brusel 9/3/2012 : As the ECB’s President Mario Draghi prepares to speak at 13:30 GMT, ahead of the important meeting on September 6 2012,The President of the European Central Bank, Mario Draghi will give a speech at Brussels; there are expectations that the ECB will launch its bond purchase program in the near future, but the tension between the President of German Central Bank and Draghi regarding this program could impede its progress. If the ECB President will refer to this issue or the upcoming ECB rate decision, it could affect the Euro and commodities rates;
This statement, which a vacationing Angela Merkel didn't contradict, was taken as a sign that the ECB would soon be buying large quantities of government bonds issued by essentially bankrupt eurozone nations.
As such, Spanish and Italian yields stopped rising and global markets remained calm during the dog days of summer – moving mainly sideways, albeit on very low volumes.
Encouraged, perhaps, by the soothing power of his rhetoric, and certainly by the German chancellor's silence, Draghi then stuck his head another few inches over the parapet. His "whatever it takes" message was followed up with an anonymously sourced statement that the ECB is considering "caps on yields".
Such a policy would force the ECB to buy a nation's bonds if the yield spread on those bonds widened a certain amount compared with its German equivalent.
Mario Draghi cancels speech at Brussels sept 3 2012
- ECB President Mario Draghi has cancelled a speech before the European Parliament scheduled for today. A spokesman said it was cancelled because the ECB has a quiet period the week before a governing council meeting on Sep 6.
Last week Draghi also canceled his trip to Jackson Hole citing 'heavy workload'. Draghi will speak next Thursday Sep 6 following the ECB Government Council decision on monetary policy.
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