The European Central Bank President Christine Lagarde and a group of other central bank leaders issued a joint statement backing US Federal Reserve Chair Jerome Powell and calling for the protection of central bank independence in a rare move.
The statement said the signatories stood “in full solidarity” with the Federal Reserve System and Powell, and described central bank independence as “a cornerstone of price, financial and economic stability,” the ECB press service informed on Tuesday.
It said independence should be preserved “with full respect for the rule of law and democratic accountability.”
Powell was described as having served “with integrity”, focused on his mandate — the formal objectives set for the Fed — and committed to the public interest.
Signatories from Europe and beyond
The statement was issued by Lagarde “on behalf of the ECB Governing Council” and was also signed by Andrew Bailey, Governor of the Bank of England, and Erik Thedéen, Governor of Sveriges Riksbank.
Other signatories listed were Christian Kettel Thomsen of Danmarks Nationalbank, Martin Schlegel of the Swiss National Bank, Michele Bullock of the Reserve Bank of Australia, Tiff Macklem of the Bank of Canada, Chang Yong Rhee of the Bank of Korea, and Gabriel Galípolo of the Banco Central do Brasil.
It also included François Villeroy de Galhau, Chair of the Board of Directors of the Bank for International Settlements, and Pablo Hernández de Cos, the organisation’s General Manager.
