U.S. President Donald Trump's attacks on Federal Reserve policymakers are emerging as the biggest threat in decades to central bank independence, which is widely seen as key to keeping down inflation and maintaining stability in the global financial system.

Pablo Hernandez de Cos, the new General Manager of the Bank for International Settlements, signaled that central banks risk losing credibility without independence and a firm grip on inflation.

President Donald Trump said Monday night that he's firing Federal Reserve Governor Lisa Cook, an unprecedented move that would constitute a sharp escalation in his battle to exert greater control over what has long been considered an institution independent from day-to-day politics.