Mr Draghi will be in Brussels a day after the city hosts a summit to sign off on a Brexit deal for the UK’s divorce from the European Union. EPA
Mr Draghi will be in Brussels a day after the city hosts a summit to sign off on a Brexit deal for the UK’s divorce from the European Union. EPA

Draghi to be grilled this week as ECB mulls future of €2.6tn stimulus



Mario Draghi’s grilling by European lawmakers on Monday is the highlight of a critical few days for the European Central Bank as the president considers whether more stimulus is needed to overcome the euro-area slowdown.

Less than three weeks before their final meeting of the year, ECB officials are working on economic projections that will help determine whether their  €2.6 trillion (Dh10.8tn) bond-buying programme should be capped as planned. The latest signs -- including a German contraction, a budget standoff in Italy, and heightened global trade tensions -- are testing their conviction that the expansion is intact.

Investors are on the lookout for any sign that bond purchases will be extended or alternative measures such as more long-term loans to banks are on the agenda.

Mr Draghi will be in Brussels a day after the city hosts a summit to sign off on a Brexit deal for the UK’s divorce from the European Union. That would clear at least one of the uncertainties clouding the fragile economic outlook.

In the hours before he’s quizzed by lawmakers, Germany’s Ifo index of business confidence should give an insight into how trade tensions are affecting the region’s biggest economy. Data on Friday showed the weakest private-sector growth in almost four years. Mr Draghi’s top lieutenants are also scheduled to speak: Peter Praet in Frankfurt and Benoit Coeure in Vienna.

Italy -- the key source of political and market tension within the euro area as it fights with the EU over its budget -- reports confidence data on Tuesday. A bigger test comes on Thursday when it holds a bond auction, a week after a sale drew unexpectedly weak demand from retail investors.

The ECB will publish its twice-yearly Financial Stability Review the same day, and Bank of France Governor Francois Villeroy de Galhau will speak in Rome.

The week rounds off with the latest reading of euro-zone inflation, the final one before the policy decision.

The ECB’s Governing Council will hold a non-monetary policy meeting on December 5 -- though it would surprise no one if monetary matters arose. Italian purchasing managers indexes will be published the same day, and Mr Draghi will open a colloquium on banking.

Central bankers then go into a one-week quiet period, but important data will keep coming in. Germany reports factory orders and industrial output, and the euro zone gets a breakdown of third-quarter gross domestic product.

German investor sentiment and euro-area industrial output will be the last important figures before the Governing Council publishes its decision at 1:45 p.m. Frankfurt time on December 13.

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The lowdown

Rating: 4/5

New Zealand 21 British & Irish Lions 24

New Zealand
Penalties: Barrett (7)

British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell 
 

Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

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How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
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Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Basquiat in Abu Dhabi

One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi. 

The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier. 

It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.  

“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi. 

Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October