Abstract
This study examines the criteria that mainly reach a consensus about the independence of the central bank. These criteria are supposed to reflect the independence in both regulation and implementation. This study compares the Central Bank of the Republic of Turkey (CBRT) to the European Central Bank (ECB) in accordance with these criteria. In recent years, Turkey has harmonized its law in line with EU norms to comply with EU standards. This study aims to examine whether CBRT autonomy has reached ECB norms by a comparative method with these criteria. These criteria elected from various articles -the article “Measuring the Independence of Central Banks and Its Effect on Policy Outcome” prepared by Alex Cukierman, B. Steven Webb and Bilin Neyapti; How Independent Is the Central Bank of Turkey by Neyapti B. and Berument H.- are considered ensuring the necessary structure for an independent central bank. As a result of the analytic and empirical comparison, some differences between the CBRT and ECB have been found. Consequently, It can be said that CBRT has almost achieved the same standards as the ECB, except for a few important details.
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