Leading central bank governors from Europe, North America, Asia, and Latin America have issued a joint statement expressing full solidarity with United States Federal Reserve Chair Jerome Powell. They also reaffirm the importance of central bank independence as a cornerstone of economic stability.
In the statement, released under the auspices of the European Central Bank (ECB), the signatories said they “stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell.” They stressed that the independence of central banks is critical to maintaining price stability, financial stability, and broader economic confidence.
“The independence of central banks is a cornerstone of price, financial, and economic stability in the interest of the citizens that we serve,” the statement said. It also added that preserving such independence is essential and must be upheld “with full respect for the rule of law and democratic accountability.”
Widespread Endorsement
The statement was endorsed by an influential group of global monetary policymakers. This includes ECB President Christine Lagarde, acting on behalf of the ECB Governing Council. Others are Bank of England Governor Andrew Bailey; Sveriges Riksbank Governor Erik Thedéen; Danmarks Nationalbank Chairman Christian Kettel Thomsen; Swiss National Bank Governing Board Chairman Martin Schlegel; Reserve Bank of Australia Governor Michele Bullock; Bank of Canada Governor Tiff Macklem; Bank of Korea Governor Chang Yong Rhee; and Banco Central do Brasil Governor Gabriel Galípolo.
Also lending their support were senior officials of the Bank for International Settlements (BIS). This includes François Villeroy de Galhau, Chair of the BIS Board of Directors. Moreover, Pablo Hernández de Cos, General Manager of the BIS, also supported the statement.
The signatories praised Powell’s leadership, noting that he has served “with integrity, judgement, and an unwavering commitment to the public interest.” They described him as a “respected colleague” held in the highest regard by peers across the global central banking community.
The unusually broad show of support underscores heightened sensitivity. Monetary authorities worldwide are sensitive to any perceived threats to the operational independence of central banks. Many economists regard this independence as vital for credible inflation control and financial system stability.
By issuing a collective statement, the global central banking community signalled a unified stance that central bank independence remains non-negotiable, regardless of political pressures, and is fundamental to safeguarding long-term economic stability.
