With the seemingly farcical developments surrounding US customs policy and increasing political influence on monetary policy, the central banks are facing new challenges. In this phase, the Oesterreichische Nationalbank (OeNB) wants to present itself as a “reliable institution in uncertain times”. “There is no economic school that says tariffs are good,” said Governor Martin Kocher on Tuesday, without explicitly mentioning the government under US President Donald Trump. “That shows that we are in an absurd situation.” He described policies that fuel uncertainty as “bad.” About the possible answers, he said: “The calmer you react, even to erratic measures, the better.”
