In developed countries, independent central banks control monetary policy. The goals and instruments of monetary policy are taught in every economics course; however, at times theory fails to work perfectly in practice. In our paper, we review the system of inflation targeting applied by the...

This paper investigates central bank profitability primarily focusing on its impact on the government budget. It compares the accounting profit of the four euro area countries running the highest debt and three new EU Member States in the period 1999–2013 following the introduction of the...