GERMANY PERSPECTIVE

Deutsche Welle and Tagesschau both covered the dropped probe. DW recalled Trump's previous attempts to fire Powell directly and the constitutional guardrails that stopped him. German economists warned: if the Fed becomes perceived as politically dependent, the entire model of independent central banking — including the ECB — could be questioned by populist governments across Europe. The resonance in Germany is particularly acute given the country's Weimar-era experience with monetized debt and hyperinflation.