This article analyses the recent legal developments surrounding the privileges and immunities under EU law that governors and former governors of national central banks enjoy. It does so by highlighting the applicable EU primary law and case law of the Court of Justice of the European Union. As is evidenced, privileges and immunities under EU law are of a functional nature in light of the fact that such governors must exercise their powers independently, in order to guarantee sound decision-making as regards both monetary policy, and other banking and financial supervision tasks that are conferred upon them.