ECB chief warns against undermining central bank independence

European Central Bank (ECB) President Christine Lagarde on Sunday warned that undermining central bank independence could lead to serious consequences.

Lagarde made the remarks against the backdrop of repeated pressure on the U.S. Federal Reserve from U.S. President Donald Trump.

Central bank independence is of vital importance, she said, noting that the independence of policymakers and their institutions should not be questioned.

Lagarde stressed that once the independence of a central bank is under threat, the institution may become dysfunctional, resulting in instability, or even more serious situations.

In recent weeks, Trump has persistently urged the Federal Reserve to cut interest rates, while repeatedly lashing out at Fed Chair Jerome Powell and calling for his early resignation.

Powell, in a speech on Aug. 22 at the annual economic symposium in Jackson Hole, Wyoming, indicated that despite upside risks to inflation, the Federal Reserve may still move to cut interest rates in the coming months.

He said the short-term risks to inflation are tilted to the upside, while downside risks to employment are rising.

Given the changes in the economic outlook and in the balance of risks, the stance of monetary policy may need to adjust, Powell said.

ECB chief warns against undermining central bank independence

ECB chief warns against undermining central bank independence

China's Shenzhou-23 crewed spaceship blasted off from the Jiuquan Satellite Launch Center in the country's northwest on Sunday, sending three astronauts to its orbiting space station.

The spaceship, atop a Long March-2F carrier rocket, lifted off from the launch site at 23:08 Beijing Time (15:08 GMT).

The crew members consist of mission commander Zhu Yangzhu, and fellow astronauts Zhang Zhiyuan and Lai Ka-ying, who is also the first astronaut from China's Hong Kong Special Administrative Region.

In another notable first, one of the crew members is set to undertake a year-long stay aboard the space station, double the usual duration of previous Shenzhou missions.

After entering orbit, the Shenzhou-23 spaceship will perform a fast automated rendezvous and docking with the radial port of the space station core module Tianhe, forming a combination of three modules and three spacecraft.

Shenzhou-23 marks the 40th flight of China's manned spaceflight program and the seventh manned flight mission since the Tiangong space station entered its application and development phase in late 2022.

China launches Shenzhou-23 manned spaceship