President Joachim Nagel of the Deutsche Bundesbank sharply condemned former U.S. President Donald Trump’s personal attacks on Federal Reserve Chair Jerome Powell.
“I’m shocked by this nonsense” Nagel told “Tagesspiegel”. “I know Powell well; I respect his approach and his work. The way he is being politically targeted shocks me to the core, because the United States taught us after World War II that independent central banks are essential. In 1948, the Bank of the German Länder in Frankfurt laid the foundation for what would become the Deutsche Bundesbank, and that model later became the blueprint for the European Central Bank”.
Nagel noted that Trump has recently amplified political and legal pressure on Powell. The U.S. Department of Justice is reportedly reviewing an indictment against Powell concerning the alleged high costs of renovating the Fed’s building-an action that is believed to be aimed at influencing the Fed’s rate policy. Trump has repeatedly threatened to dismiss Powell.
When asked whether similar attacks are expected against European central banks, Nagel said, “No. All euro‑area governments clearly affirm their commitment to independence”. He added that preserving this independence requires the involvement of EU citizens, as “the independence of monetary policy must be supported by the people”.
