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Attacks on central bankers are 'extremely unjust,' former ECB chief says

Key Points
  • One German tabloid newspaper on Friday featured an image of Draghi as Count Dracula "sucking' savers" money away.
  • President Donald Trump also took to Twitter in the aftermath of the ECB's announcement to accuse the ECB of depreciating the euro with a knock-on effect of hurting U.S. exports.
  • The central bank’s quantitative easing program will entail 20 billion euros per month of asset purchases for as long as it deems necessary. The ECB also cut its main deposit rate by 10 basis points to -0.5%.

Former European Central Bank (ECB) chief Jean-Claude Trichet condemned attacks on central banks after current President Mario Draghi faced a backlash over the major stimulus package announced Thursday.

One German tabloid newspaper on Friday featured an image of Draghi as Count Dracula "sucking' savers" money away, while new Austrian National Bank Governor Robert Holzmann expressed public concerns over the longevity of Draghi's policy in an interview with Bloomberg TV.

President Donald Trump also took to Twitter in the aftermath of the ECB's announcement, which included 20 billion euros in net asset purchases per month for an indefinite period and a 10 basis point deposit rate cut, to accuse the ECB of depreciating the euro with a knock-on effect of hurting U.S. exports.

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Attacks on Mario Draghi totally unacceptable, former ECB president says

"Central banks have, very unfortunately, been since quite a long period of time more or less the only game in town. It is extremely unjust to attack them, in my opinion," Trichet told CNBC's "Squawk Box Europe" Friday, calling the response by some newspapers "totally unacceptable."

"This is not the same in the U.S., because in the United States, it is the executive branch chief himself who is embarking on some attacks, even personal attacks. It is not of course the case in Europe, there is no such thing at the level of heads of government or heads of state," he added.

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The issue of attempted politicization of central banks has been amplified of late, with Trump repeatedly going after U.S. Federal Reserve Chairman Jerome Powell. Governments in Italy, India, Turkey and Argentina have also moved to increase their influence over monetary policymakers.

"I have to say, really, that the central banks have proved incredibly responsible in all advanced economies, and we are left very much alone by the other partners, which is not normal," Trichet said.