A note on the independence of central banks in the Czech Republic, Hungary and Poland

This essay evaluates the legal independence of central banks in three Eastern European countries: the Czech Republic, Hungary and Poland. It provides a descriptive account of monetary policy making in these countries and interprets the relevant central bank charters in light of arguments for central bank independence. Information found in the legal documents is summarized in quantitative indices. The main finding is that the three central banks exhibit a similar degree of legal independence, which does not differ from that of the Bundesbank. Keywords; central bank independence, transition in Eastern Europe