ECB cancels governing council meeting

The European Central Bank said it has cancelled tomorrow's non-rate setting meeting of its governing council.

A spokesperson has said that there were not enough points on the agenda for it to proceed.

The council last reviewed ECB interest rates on July 31 and is due to meet again to consider its monetary policy stance on September 4.

But it also meets between rate setting meetings to discuss other more technical subjects, and tomorrow's meeting had been scheduled for such a discussion on matters unrelated to monetary policy and had been due to take the form of a teleconference.

ECB president Wim Duisenberg will not attend the September 4 council meeting because of a prior engagement in Canada, that was agreed when he was expected to retire in July. Duisenberg is now due to retire on November 1.

The September 4 meeting and news conference is likely to be chaired by ECB vice-president Lucas Papademos.