QCD at finite chemical potential is analytically investigated in the region
of large bare fermion masses. We show that, contrary to the general wisdom
, the phase of the fermion determinant is irrelevant at zero temperature. H
owever if the system is put at finite temperature, the contribution of the
phase is finite. We also discuss on the quenched approximation and suggest
that the origin of the failure of this approximation in finite density QCD
could relay on the fundamental role that Pauli exclusion principle plays in
this case. (C) 1999 Published by Elsevier Science B.V. All rights reserved
.