Describing contemporary problems of coordinationbetween monetary and fiscal policy inthe European Union (the EU) as a whole and ineach particular member state it is easy to noticethat the monetary policy mechanisms are muchbetter protected from biases created by the politicalcycle. The implementation of the conceptof the central bank independence in various nationalmutations and the European Central Bankversion introduced more stability into the Europeanmonetary policy though it did not solvethe problem of transparency of that policy.