I will not go into the full details of this concrete case, but I can make the following general statement: independence in central banking gives rise to the best outcome in terms of inflation and in terms of interest rates. It’s quite clear that if the central bank is not independent, at the end of the day, monetary policy becomes a sort of tool at the service of fiscal policy, meaning that it loses the real perspective of monetary policy – that is, to fight inflation. Simultaneously, an independent central bank is much more credible, and this also has consequences in terms of interest rates. If you look at the yield curve, the yield curve for an independent central bank is always below that of a non-independent one.

And I think that Mr Powell is a very…