https:\/\/www.politico.eu\/article\/donald-trump-attack-federal-reserve-lisa-cook-alarm-europe-economic-stability<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"“Independence has underpinned financial markets’ trust in central banks for half a century and has provided much of the basis for the U.S.-led international economic order.<\/p>\n
Across the Atlantic, Cook’s counterparts at the European Central Bank are alarmed that Trump’s moves could not only set a dangerous precedent \u2014 but also have a tangible impact on their own policymaking, which is inexorably influenced by the course charted by the Fed.<\/p>\n
“Attacking the independence of the Fed, the Trump administration inflicts a serious damage to the American economy,” said Bank of Greece Governor Yannis Stournaras in emailed comments to POLITICO. “The implications will come sooner rather than later.\u201d<\/p>\n
When independence is threatened, monetary policy “becomes dysfunctional, it starts doing things that it shouldn\u2019t do,\u201d European Central Bank President Christine Lagarde told Fox News in an interview Sunday before Trump’s move to oust Cook, but after he had already signaled he wanted her out.<\/p>\n
\u201cThe next step is disruption. It is instability, if not worse. So I think that this should not be debated,” Lagarde added.<\/p>\n
…<\/p>\n
Others expressed a similar wariness, with one Governing Council member, granted anonymity to candidly discuss the sensitive subject, fretting that a breach of the Fed’s independence could have “enormous repercussions on the financial world,” while also stressing the basic principle of due legal process that’s not been afforded to Cook.” <\/p>\n
https:\/\/www.politico.eu\/article\/donald-trump-attack-federal-reserve-lisa-cook-alarm-europe-economic-stability\/<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[1787,221,1349,165,586,587,170],"class_list":["post-19278","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-central-bank","tag-donald-trump","tag-economic-growth","tag-economy","tag-the-fed","tag-the-federal-reserve","tag-trump"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/19278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19278"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/19278\/revisions"}],"predecessor-version":[{"id":19279,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/19278\/revisions\/19279"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}