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This paper reviews the arguments for and against central bank independence, and the empirical evidence for central bank independence as a means of curbing inflation, focusing especially on results for the Caribbean. The results suggest a re-examination of the assumptions underpinning the argument for independence in light of Caribbean circumstances. The authors conclude that, as a practical matter, Caribbean central banks should seek consensus with their Treasuries on macroeconomic policy, and they illustrate the argument with examples.