The top management of the main central banks of the world – including the Bank of England British – have recently signed a collective message of solidarity towards their American colleague Jerome Powell, number one of the Fed, targeted at home by an unprecedented legal action against the backdrop of the scenario that sees him at loggerheads with President Donald Trump over US monetary policy. This is reported by Financial Times.
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Central banks, here's what they said
“We express our full solidarity with the Federal Reserve System and its Chairman Jerome H. Powell. Central bank independence is a fundamental pillar of price stability., financial and economic, in the interest of the citizens we serve. It is therefore essential preserve this independence, in full respect of the rule of law and democratic accountability". This is the content of the joint statement signed by the presidents and governors of the ECB, the Bank of England, the central banks Canadian e Switzerland and most central banks as well as the top brass of the Bank for International Settlements following the US Department of Justice's investigation into Powell, following numerous attacks from the White House.
“Chairman Powell has played his role with integrity, focusing on his mandate and with an unwavering commitment to the public interest. For us, he is a respected colleague and held in the highest regard by all who have worked with him,” the governors added.
Central banks: Who signed the letter in support of Powell?
The press release is signed by Christine Lagarde, President of the European Central Bank, on behalf of the Governing Council of the ECB; Andrew Bailey, Governor of the Bank of England; Erik Thedéen, governor of Sveriges Riksbank; Christian Kettel Thomsen, Chairman of the Board of Governors of Danmarks Nationalbank; Martin Schlegel, Chairman of the Board of Directors of the Swiss National Bank; Ida Wolden Bache, Governor of Norges Bank; Michael Bullock, Governor of the Reserve Bank of Australia; Tiff Mackle, Governor of the Bank of Canada; Chang Yong Rhee, Governor of the Bank of Korea; Gabriel Galípolo, governor of the Banco Central do Brasil; Francois Villeroy de Galhau, Chairman of the Board of Directors of the Bank for International Settlements; Pablo Hernandez de Kos, Director General of the Bank for International Settlements.
