  This paper testifies to the fact that the independence of the Central Banks,
as stated by its founding fathers, is nothing more than a chimera. We
demonstrate that the hypothesis inflation is a purely monetary phenomenon does
not support the plea for independence. Moreover, we show that the conservative
central banker, the imaginary Principal-Agent contract, the alleged financial
autonomy, just like the ban on budgetary financing, are all arguments that lack
logic. We equally show that the idea of independence is not convincing because
its operational toolbox, as well as the system of rules it relies on, lack
well-defined outlines.
