Bank of England boss Andrew Bailey is among nearly a dozen central bank chiefs to have signed a statement in support of the US Federal Reserve chairman under fire from Donald Trump.
The Trump administration has launched a criminal investigation into Jerome Powell, which it says relates to his testimony to Congress regarding the renovation of Federal Reserve buildings.
Powell has frequently been criticised by Trump, including for the speed at which the Fed has cut interest rates.
In a video statement on the investigation, Powell said: "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.
"This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions - or whether instead monetary policy will be directed by political pressure or intimidation."
Now, 11 central bank chiefs, including Andrew Bailey of the Bank of England and Christine Lagarde of the European Central Bank, have released a joint statement confirming they stand “in full solidarity with the Federal Reserve system and its chairman”.
They said: “The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve. It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability.”
The statement went on: "Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest. To us, he is a respected colleague who is held in the highest regard by all who have worked with him.”
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