Relations between European central bankers and Washington are growing increasingly tense. Following the annual Jackson Hole Economic Symposium, Europeans remain concerned about whether the US will continue to respect the established rules of global financial cooperation.

Although the Fed has tried to reassure them, it cannot guarantee what further steps the Trump administration will take.

The US intervention to support the Japanese yen has sparked significant discontent. In doing so, Washington sold euros and, according to sources, European partners were not notified in advance, as had been customary.

Nervousness is also being fueled by planned buybacks of US Treasury bonds, which, officials say, signal the government's willingness to use unconventional tools to lower borrowing costs.

At the same time, concerns are emerging that political intervention could one day affect the Fed's dollar swap lines, which help stabilize the global financial system during crises. According to US officials, however, these lines remain exclusively within the purview of the independent Fed.

(Reuters)