Abstract
Given the complex relationship between politics and finance, this Article deals with the independence of the European Central Bank in light of the decision of the European Court of Justice of June 2015 on the OMT program. The Article analyses the economic reason for granting independence to a central bank and takes the economic variables of independence as a point of reference for analyzing the relevant Treaty provisions and the OMT decision. It then describes the OMT case as a conflict among non‐majoritarian institution for the (supposed) transformation of the monetary union into a fiscal union.