AP News

News Summary: Draghi skips Jackson Hole meeting

TOO BUSY: European Central Bank head Mario Draghi has called off his trip to an annual Jackson Hole conference of central bankers this week as the bank works on a plan to help lower borrowing costs for struggling governments.

DEADLINE LOOMS: The ECB holds a key meeting Sept. 6 where plans to intervene in bond markets will be discussed. A spokesperson for the bank said Tuesday that Draghi decided against going to the Wyoming meeting at the end of this week "because of the heavy workload foreseen in the next few days."

THE STAKES: Draghi has said the ECB might help indebted governments lower their borrowing costs by buying their bonds under certain conditions. Several of the 17 countries that use the euro — including Spain and Italy — are struggling to borrow money at an affordable cost.

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