Abstract:

Examples well documented show that many central banks achieved price stability and lower rates of inflation well before being officially made independent or gaining more independence. Some have observed that central banks were more autonomous and powerful in their actions when independence wasn't mentioned in their statutes then after the flourishing of legislation on the subject. Therefore, the discussion over central bank independence finds a fruitful space for debate and the case study of a former communist country, now member of the European Union, may bring new insights on the relevance of central bank independence in the present institutional arrangement.