Most of the world’s senior central bankers (see last year’s attendee list) will head to the wilds of Wyoming from next Thursday to Saturday for the Kansas City Fed’s annual Jackson Hole economic symposium.
Among those attending this year are ECB president Jean-Claude Trichet along with his fellow executive board members José Manuel González-Páramo and Peter Praet, Bank of England deputy Charlie Bean, and Fed chair Ben Bernanke. Fed vice chair Janet Yellen, and governors Sarah Raskin and Elizabeth Duke will also be at the event.
The European Central Bank is taking “seriously” the surge in funds eurozone banks are parking with it overnight, rather than lending to other banks, Jürgen Stark, the ECB executive board member has told Handelsblatt in an interview. The rise is an indication of tensions, he admitted. “We take the signal seriously.”
But Mr Stark went on: “The situation is, however, not comparable with that at the outbreak of the financial crisis in autumn 2008, after the collapse of Lehman Brothers.” The ECB had already actd by announcing earlier this month, an exceptional offer of six-month liquidity. Currently, that offer was seen as a “one-off action,” Mr Stark said.