Is a central bank which is independent of political instructions and influence in keeping with a democracy? I believe that there are two preconditions which have to be fulfilled for an independent central bank to be unquestionably compatible with a democratic system.
Firstly: the assigning of independence and the mandate has to have been arrived at democratically: at the least, by virtue of an implicit consensus and on an explicit foundation provided either by law, a constitution or by a treaty — like that of Maastricht — to which the parliaments have given their consent. Secondly: the mandate of the independent central bank must be unambiguous.