Over three days at the European Central Bank’s annual gathering, Warsh engaged in a series of private meetings, including a high-profile lunch with ECB President Christine Lagarde. For central bankers who had grown accustomed to the predictable tenure of former Chair Jerome Powell, these interactions were a vital stress test. Many had privately worried that a Trump appointee might distance the Fed from the international forums that have long anchored global monetary cooperation.

Warsh’s performance was notably collegial, marked by his fluency in French and an active effort to mingle with governors beyond his immediate circle. During a panel alongside Lagarde, Bank of England Governor Andrew Bailey, and Bank of Canada Governor Tiff Macklem, he emphasized the Fed's independence and a shared commitment to common policy goals. While some attendees cautioned that his true test remains balancing White House demands against institutional credibility, his initial reception suggests a smooth transition. The consensus in Portugal was that the Fed intends to remain a reliable partner, prioritizing personal rapport and a back-to-basics approach to policy communication.