We model a two-party representative democracy with citizen-candidate in which the governor is elected while the central-banker is appointed by the governor. Assuming that fiscal policy is “more important” than monetary policy, we show that, if some individuals who dislike inflation get organised in a lobby and offer campaign contribution to the parties, then, even if the majority of the population as well as the majority of party-members favour inflation, no inflation results in equilibrium. This result suggests the possibility that the independence of the Central Bank might be the outcome of a Pareto-improving agreement between the lobby and the parties. In fact, starting from the equilibrium with inflation, appointing a “conservative” central-banker before the election, while leaving the parties (and the population) indifferent would make the lobby members save the costs of getting organised.