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.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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