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Bundesbank Chief Warns: Political Pressure Threatens Central Bank Independence

2/14/2026

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Summary

Story summary

Joachim Nagel, President of the Bundesbank, warned that independence erosion at the U.S. Federal Reserve could raise political pressure on central banks.
He added that U.S. President Donald Trump has pressed the Fed to cut rates, citing Kevin Warsh, former Fed governor, as nominee.
ECB President Christine Lagarde supports Warsh's nomination, but Nagel says political pressure could undermine price stability efforts at the ECB.

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Story summary

Joachim Nagel, President of the Bundesbank, warned that independence erosion at the U.S. Federal Reserve could raise political pressure on central banks.
He added that U.S. President Donald Trump has pressed the Fed to cut rates, citing Kevin Warsh, former Fed governor, as nominee.
ECB President Christine Lagarde supports Warsh's nomination, but Nagel says political pressure could undermine price stability efforts at the ECB.