Francois Villeroy de Galhau, a member of the Governing Council of the European Central Bank and head of the French central bank, praised U.S. Federal Reserve Chairman Jerome Powell, describing him as a "model central banker" who demonstrates independence and courage in revealing economic truths, despite the increasing political pressures he faces from the U.S. administration.
In a statement published on the French site Boursorama, Villeroy said, "In everything he does, Powell typically shows what a central banker should be; he speaks the truth independently, and that is exactly what he has done. I salute him for his professionalism and courage."
These statements come at a time when U.S. President Donald Trump continues his public criticisms of Powell, accusing him of "playing politics" for not responding to demands to cut interest rates, and expressing his hope for "the day Powell leaves his position."
Powell recently stated that he does not expect to cut interest rates in the near future, warning at the same time that the tariff plans promoted by the Trump administration could lead to increased inflation and unemployment rates in the United States.
In contrast, Trump praised the European Central Bank's stance in taking faster steps to reduce interest rates, taking advantage of the decline in inflation in the eurozone towards the two percent target, which provided the European Bank with a wider margin to act.
The European Central Bank recently cut interest rates for the seventh time in one year, warning that economic growth in the region will face significant pressure due to U.S. trade policies.
Villeroy noted that "inflation risks seem low at the moment, and those risks are likely to be on the downward trend."
Regarding the upcoming European Central Bank meeting in June 2025, Villeroy declined to reveal his stance on the possibility of another rate cut, affirming that "all options are on the table."