That is actually not an anomaly. Most jurisdictions have separated the functions of central bank and financial regulator. What is an anomaly is that there is no financial regulator at the same administrative level as the central bank.

There is a strong case for combining the two functions, and an even stronger for having a federal financial regulator, but neither is an absolute operational necessity in the way an employer of last resort is an absolute operational necessity.

- Jake

Friends come and go. Enemies accumulate.