The issue of the main challenges of the contemporary central banking during the past two or three decades has triggered numerous debates and discussions throughout the world, attracting the attention of both the practitioners (central bankers) and the academic circles. The most important challenge for the central banks is certainly the efficient management and governance. Independence, responsibility and transparency are the main postulates on which the efficient central bank management and governance are based. This book aims to analyse and measure the independence of the National Bank of the Republic of Macedonia using the most frequently used indexes, it's operational efficiency, to analyse the arguments, pro and contra, for accepting the inflation targeting strategy, as well as to analyse the arguments pro and against entering of the Republic of Macedonia in ERM 2, having in mind the concrete economic conditions and circumstances in the Republic of Macedonia. This book should be useful to professionals in central banks and universities, students of macroeconomics, or enyone interested in central banking.