SUMMARY With the improvement of financial markets within the world economy, the role of stability of the economy and prices is increasing worldwide. From this point of view, the control of money supply within the economy has become a strategic decision and therefore the role of Central Bank in financial markets and its relationship with political authorities have great importance for the economies. The aim of this paper is to investigate the relation between Central Bank independence and other macroeconomic variables that are important for the stability of the economy and in what degree the Central Bank independence affects the other macroeconomic variables. The place and the importance of Central Banks in financial markets are the scope of this thesis. Some of the functions of Central Banks are introduced below: - The decision of monetary policy, - Balance of payments, - The relation with Treasury and; - The financial stability.

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