The President of the European Central Bank was originally scheduled to contribute to a panel discussion on Saturday. The Jackson Hole symposium is hosted by the Federal Reserve Bank of Kansas City every year, and includes top economists and the heads of central banks from all over the world.
Fed Chairman Ben Bernanke's speech on Friday is the headline act, but Draghi's appearance was also highly anticipated by the markets.
"Indeed the President had hoped to attend the symposium but has decided not to go to Jackson Hole due to the heavy workload foreseen in the next few days," an ECB spokesman told CNN.
Investors were hoping Draghi would elaborate on the ECB's options for aiding the European debt crisis. Earlier this month, Draghi said the ECB could buy Spanish and Italian bonds, but only if those governments make good on commitments to reduce deficits and restore economic competitiveness.
The next opportunity to hear Draghi speak comes on September 6, after the ECB's Governing Council meets.
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