The Globe and Mail reports in its Friday, July 30, edition that central bank officials from around the world believe they may have found a new ally in Federal Reserve Chair Kevin Warsh. A Reuters dispatch to The Globe reports that over three days at the European Central Bank's annual gathering in Sintra, Portugal, the new Fed chair held a series of private meetings with counterparts from Europe and beyond, including a lengthy lunch with ECB President Christine Lagarde. The discussions were mostly high-level, not addressing inflation trends, shadow-banking risks or international policy co-ordination. However, officials viewed Mr. Warsh's outreach as a signal that the Fed would remain active globally, alleviating concerns about a retreat from international central bank co-operation. The reassurance was important. Some central bankers privately feared that a Trump-appointed Fed might be more influenced by the White House on interest rates or less dedicated to the long-standing international co-ordination in global monetary policy. The Fed remains the ultimate provider of dollar liquidity in times of financial stress and, for some countries, the custodian of a substantial share of their gold reserves.