Interview with Luis de Guindos, Vice-President of the ECB, conducted by Luís Reis Ribeiro

10 November 2025

The US Federal Reserve System is currently facing government attempts at internal political interference. Do you see any reputational risks for the Fed and, consequently, for the US economy – which is the largest in the world?

I will not comment on any specific central bank but, in general, I believe that central bank independence is key because it is the best way to keep inflation under control. This is good for consumers, households and the general public. And, at the same time, from the markets’ perspective, an independent central bank will be the best way to keep inflation and interest rates low.

Is that the case for the ECB?

I can give you a very simple example. In October 2022, even though inflation in the euro area was above 10%, inflation expectations were anchored. Market participants and households believed that the ECB could take the right decisions to reduce the…