The focus of this article is on the likely policy response of these two central banks as households and businesses continue to adapt their spending and saving behavior to expected election outcomes in the U.S. (November 8, 2016), France (May 2017) and Germany (September 2017).
The title of this article is in no way hinting at an implicit belief that the current Fed and ECB leaders are influenced by political pressures in the conduct of their monetary policies. The unequivocal presumption of their independence and integrity stands.
The Fed and the European Central Bank (ECB) manage directly nearly one-half of the world economy. But that is only part of their de facto policy remit, because the dollar and the euro are the world's key transaction and reserve currencies. That means that these two central banks' effective policy domain extends to global demand, output, employment and the real purchasing power of dollar- and euro-denominated assets.
Obviously, the Fed's and the ECB's primary responsibility for these core policy variables is to their national constituencies. Others simply have to adjust.
Here is an example of how the perceived changes in some of these variables recently caused the Fed to modify its policy stance, despite strong protests from the rest of the world.