© 1988 by Walter de Gruyter & Co. All rights reserved. Modern central banks came of age in the inter-war period. By then, they valued their independence as an essential feature of central banking. Strong, Norman and Moreau were ready to stand by the freedom of their institutions at any price. And independence from national governments was considered a prerequisite for the admission to the club of central banks: they were unwilling, for instance, to enter into large commitments with the Bank of Italy so long as it remained under the dominance of Treasury.