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Central-bank independence is essential, ECB's Kocher says

ReutersJan 13, 2026 10:44 AM

- Putting political pressure on monetary policy increases inflation and erodes financial stability, European Central Bank policymaker Martin Kocher said on Tuesday, without naming U.S. President Donald Trump who is pressuring the Federal Reserve.

"Central bank independence is not an abstract institutional principle. It's essential for protecting citizens' purchasing power and economic stability. And history, also including episodes in the United States, shows very clearly what can happen when monetary policy is subject to political pressure," Kocher told an FT Live conference in Vienna.

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