The overall conclusion of recent macroeconomic literature is that the existence of an independent central bank, which is responsible for monetary stability and increases monetary controls, in the long-term favours a non-inflationary trend in monetary aggregates, without creating negative repercussions on fiscal and real aggregates. The main limitation of this approach is that it does not examine in-depth the analysis of the interactions between the central bank and the banking system, if not considering the latter a passive transmission box of monetary policy. This paper, starting from a general interpretation of the theoretical results related to the relationship between central bank independence and monetary stability - in terms of objectives and instruments - aims to provide an initial contribution on the subject, in terms of theory and on that of comparative institutional analysis.

JEL Codes: E58