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The idea of the independence of central banks seems to be rather compatible 
with the importance of rule-binding character of central banks. 
Independence of central banks is quite often endangered especially from the 
pressure groups, as history has shown. Friedman's assertion goes in hand in 
hand with this understanding of the monetary history. Because of the 
existence of the pressures from outside, we need  rule-following central 
banks. This puts banks to be able to refrain from printing more money. 
 
 
Yukihiro Ikeda 
Keio University 
 
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