(Bloomberg) -- European Commission President Jean-Claude Juncker leapt to the defense of European Central Bank President Mario Draghi a day after the latest salvo of criticism from the U.S. administration.
Juncker spoke at the ECB's annual forum on Wednesday, where he addressed an audience including Draghi, numerous euro-zone central bankers, and former Federal Reserve Vice Chair Stanley Fischer.
“I'm told that it's rare for a politician like me to be invited to speak to this prestigious forum. I have to say, I understand and I respect this policy. It's so unfair to attack central banks when it comes to their independence. One of the great powers and responsibilities of being a central banker is that you can move markets with a single line in a speech. Every word counts a billion. And this is why I always admire Mario's speeches as priceless pieces of art.”
U.S. President Donald Trump has repeatedly criticized the Fed and its chairman, Jerome Powell. He has also claimed the euro is undervalued. On Tuesday, he laid into the ECB chief with his own allegation of unfairness, after a Draghi speech on the likelihood of more stimulus sent the euro lower and European stocks rising.
Read more: Trump Adds Currency Wars to the Mix as Trade Tensions Simmer
Juncker and Draghi will soon step back from the spotlight, at least in their current roles. Both their terms expire on Oct. 31.
--With assistance from Joao Lima.
To contact the reporters on this story: Alexander Weber in Brussels at aweber45@bloomberg.net;Paul Gordon in Frankfurt at pgordon6@bloomberg.net;Piotr Skolimowski in Frankfurt at pskolimowski@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Lucy Meakin, Joao Lima
©2019 Bloomberg L.P.
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