European Central Bank President Mario Draghi took the rare step of weighing in on the hot debate over whether President Trump is undermining the independence of the Federal Reserve.
Speaking to reporters at the International Monetary Fund meetings in Washington, Draghi said on Saturday he was “certainly worried about central bank independence” and especially “in the most important jurisdiction in the world.”Draghi’s intervention is notable given central bankers are usually loath to comment on politics or events in economies other than their own.
Politicians from Turkey to India have also been accused of seeking to sway their monetary policy makers in the hope they will act to spur demand. The risk is investors beginning to doubt the dedication of such authorities to fighting inflation, pushing up market interest rates and potentially sapping the growth that governments want to see.
South African Reserve Bank Governor Lesetja Kganyago and Swiss National Bank President Thomas Jordan both made the point that central banks are already held accountable by virtue of the goals they are set by legislatures. Bank of Canada Governor Stephen Poloz argued that too much is expected of central banks after they successfully defeated the 2008 financial crisis and subsequent global recession.
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